Ping An Buys Into Fortis

Fortis and China's Ping An Insurance have announced  the signing of a MoU to form a global asset management partnership.

As a result, Ping An will acquire a 50% equity stake in Fortis Investments, the global asset management arm of Fortis, for EUR 2.15bn (US$3.14bn), in the hope of advancing its strategy to establish a global asset management busines, while Fortis would gain greater access to the Chinese and Asia Pacific markets.

Fortis Investments would be renamed Fortis Ping An Investments.

Last November, Ping An acquired a 4.18% equity stake in Fortis, and then raised it to 4.99%.

Since then, both firms have explored several areas of potential business co-operation, with asset management taking priority.

Asset management represents one of the most attractive sectors within the financial services industry, given growth of personal wealth, increased demand for retirement provision and burgeoning economic growth in China and other emerging markets.