Ping An In­sur­ance launches first overseas fund worth US$1b

New Straits Times - - Business -

HONG KONG: Ping An In­sur­ance Group Co of China Ltd, the coun­try’s largest in­surer by mar­ket value, is launch­ing its first overseas fund to pri­mar­ily in­vest in fi­nan­cial and health­care tech­nol­ogy world­wide, un­der­scor­ing its push be­yond its home mar­ket.

The ini­tial size of the so-called Ping An Global Voy­ager Fund would be US$1 bil­lion (RM4.32 bil­lion), said the in­surer in a state­ment yes­ter­day.

It will be man­aged from here and led by Jonathan Larsen, an 18-year stal­wart of Cit­i­group who joined Ping An as its chief in­no­va­tion of­fi­cer.

Ping An’s overseas am­bi­tions mir­ror those of other Chi­nese firms, in­clud­ing An­bang In­sur­ance Group and Fo­sun In­ter­na­tional Ltd, which are spend­ing bil­lions on overseas ac­qui­si­tions in a bid to re­duce their de­pen­dence on the slow­ing Chi­nese econ­omy and weak­en­ing yuan cur­rency.

The fi­nan­cial group plans to fully in­vest the Global Voy­ager Fund in the next three to four years with a fo­cus on early-stage start-ups. Reuters

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