China Life AMP Asset Management, a fund management joint venture between China Life Asset Management Co. Ltd. and Australia-based AMP Capital Investors, has received approval from the China Securities Regulatory Commission, National Business Daily reported Wednesday. It was the first company to obtain regulatory approval since China relaxed restrictions on the financial industry in June. The new policy allows insurers to establish fund management companies offering mutual funds to retail and institutional investors, the report said. China Life Asset Management owns 85.03 percent of the joint venture while AMP Capital holds the remaining 14.97 percent, the report said. China Life Asset Management is a subsidiary of China Life Insurance Co. Ltd. (02628.HK, 601628.CN).
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