Prudential looks to China asset base

Prudential, the UK-based life insurer, is seeking to set up a Chinese asset management business as part of the company's drive to cash in on China's booming mutual funds sector. The company already has life insurance operations in Beijing, Guangzhou and Suzhou with Citic, its joint venture partner Citic, and hopes to get another key city license before the end of the year, Reuters reported. China's savings market is estimated at around US$1.3 trillion and is attracting growing interest from foreign companies.