For entering into Chinese fund market

Aviva, a UK-based insurance group, has signed an agreement with Henan-based Central China Securities to form a joint-venture asset management company, reported China View.

As per the agreement, the insurance group will own a 49% stake in the joint venture whereas Central China Securities will own the remaining 51% . The new company intends to apply for regulatory approval soon. The insurer had commenced its operations in 2003.

Aviva has a 50-50 joint venture life insurance company with China National Cereals, Oils & Foodstuffs (COFCO).

The company said that over 30 foreign institutions, including Credit Suisse, JP Morgan and Morgan Stanley have formed fund ventures in China. The company further added that more companies are entering into the Chinese fund market.