Queensland and China have strengthened business relations with official approval of the QIC-Ping An China Corporate Bond Fund, marked by a ceremony attended by Deputy Premier and Treasurer Jackie Trad in Shanghai.
Queensland Investment Corporation is a Queensland Government-owned investment company, with more than $80 billion in assets under management and clients in Australia, Europe, Asia, the Middle East and the United States.
“QIC has a significant role supporting Queensland’s record economic growth and managing a portfolio of investments in Australia and in overseas markets,” the Deputy Premier said.
“China is an important market for QIC, supported by the rapid growth in Chinese domestic investment capital and increasing capital mobility between our nations.
“QIC and Ping An Asset Management Company will work together to give global investors the opportunity to participate in the growth of the Chinese economy by investing in China’s rapidly-growing bond market, already the second largest in the world.
“This collaboration showcases a Queensland institution at the forefront of the global financial services industry, and the launch helps to celebrate the 30th anniversary of our Sister-State relationship with Shanghai.”
QIC Chief Executive Officer Damien Frawley emphasised the importance of the approval and the pathways it created.
“China has long been an important market for QIC, and growth in Chinese domestic investment capital and increased capital mobility between China and other countries continues to create exciting new opportunities,” Mr Frawley said.
“We feel very fortunate to be partnering with PAAMC, a like-minded, forward-thinking company with complementary investment capabilities but with the same client focus.
“We are one of the first Australian investment managers to establish this type of investment offering and are looking forward to offering our investors access to a bond market with historically stronger yields and better diversification benefits than those on offer in many other bond markets around the world.”
PAAMC Chairman Jack Wan said the QIC Ping An China Corporate Bond Fund is a milestone product.
“We are honoured to work with QIC. We believe this fund will attract more global investors to China’s financial markets and help promote and further China’s participation in international capital markets,” he said.
“In the future, we hope to deepen our cooperation with QIC to create more high-quality products together to meet market trends and client needs.”
QIC is a global diversified alternative investment firm offering infrastructure, real estate, private equity, liquid strategies and multi-asset investments. It is one of Australia’s largest institutional managers and with more than A$801 billion under management, has a proven track record in sourcing and managing complex investments. QIC has over 1000 employees and serves more than 110 clients including governments, pension plans, sovereign wealth funds and insurers, spanning Australia, Europe, Asia, Middle East and the US. Headquartered in Brisbane, Australia, QIC also has offices in New York, San Francisco, Los Angeles, London, Sydney, and Melbourne.
Ping An Asset Management Company (PAAMC) was established in 2005 in Shanghai. It is the second largest asset management company in China, managing over RMB 3 trillion of assets (approx. AUD 600bn). It is one of the most influential institutional investors in the Chinese domestic market. Ping An Asset Management Company (“PAAMC”) is one of the key members of Ping An Group. PAAMC is a leading asset management solution provider for sovereign wealth funds, national superannuation funds, insurance companies, commercial banks and other institutional investors. PAAMC’s cross-market investment management capabilities span fixed-income, stocks, fund and non-capital market along with remarkable asset allocation, investment, professional company structure and dedicated talents, comprehensive platform advantages.