China Life Insurance Asset Management and Australia-based AMP Capital have officially launched their joined venture asset management entity called, China Life AMP Asset Management (CLAAM).

The launch follows the approval from the China Insurance Regulatory Commission (CIRC) in September this year.

CLAAM will be headed by Liu Huimin, president of China Life Insurance Asset Management, according to publication Asia Asset Management.

The joint venture will be mainly engaged in fundraising, fund distribution, and asset management.

AMP Capital holds a 15% stake in CLAAM, while China Life Asset Management holds the remaining stake.

The registered capital of CLAAM accounts to around RMB588 million (US$93.3 million).

Anthony Fasso, AMP Capital chief executive international and head of global clients, said: "There are JVs you can enter with a higher percentage but most often these are with a smaller financial sponsor. Given the sheer size of this, it’s important to note that China Life is the single largest domestic institutional investor in China."