Ping An Seeks to Manage $100 Billion Offshore as Demand Rises
- Chinese insurer aims to achieve goal in three to five years
- Chinese assets are becoming more attractive as growth recovers
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Ping An Insurance (Group) Co., China’s largest insurer by market value, is tapping growing global demand for Chinese assets to expand its offshore asset management business as competition with foreign entrants intensifies.
The overseas asset management arm aims to increase client assets for inbound and outbound investments to $100 billion in three to five years, said Chi Kit Chai, head of capital markets and chief investment officer at Ping An Asset Management (Hong Kong). He declined to disclose the current size of the business, which excludes Chinese clients’ onshore money.