FOREIGN INSURERS KEEN TO SET UP JVS WITH CHINESE MONEY MANAGERS

Aviva, the world's fifth-largest insurance group, has inked an agreement with Henan-based Central China Securities to set up a joint-venture asset management company, China Daily reported Thursday.

Aviva will hold a 49 per cent stake in the joint venture, while the remaining 51 per cent would be held by Central China Securities. The new company will apply for regulatory approval soon, said the newspaper, citing unnamed sources.

Aviva has a 50-50 joint venture life insurance company with China National Cereals, Oils & Foodstuffs Corp (COFCO) Ltd. The insurer started operations in 2003.

More than 30 foreign institutions, including JP Morgan, Credit Suisse and Morgan Stanley, have formed fund ventures in China, while more companies are seeking access to the Chinese fund market, said the newspaper.