China Life Pension has doubled its assets under management in the past 12 months to more than RMB 1 trillion ($142 billion) and is expected to join the ranks of the world’s largest pension funds over the next two years, reported the Financial Times.
The creation of one of China’s largest investment funds comes as the government attempts to centralize the savings of its rapidly ageing population in the face of a shrinking labor force.
China Life’s pensions business, part of the country’s largest insurance group, managed about RMB 500 billion in 2018 but surpassed RMB 1 trillion in October, according to FT sources.
The fund has invested primarily in China’s domestic fixed-income market and has not yet been permitted to invest overseas.
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