MaplesFS Selected As Trustee And Administrator For China Life Franklin Asset Management
China Life Franklin Asset Management Co., Limited (“CLFAM”), the Hong Kong-based joint venture between China Life and Franklin Templeton, has selected MaplesFS, a leading independent global fund services and fiduciary services provider, as trustee and administrator for the China Life Franklin Trust, a Cayman Islands domiciled unit trust.
CLFAM is the first and most prominent joint venture between asset management firms in the east and west as regulation on foreign investment eases. MaplesFS will act as the trustee for the China Life Franklin Trust, and will provide full administration services, including the fund accounting and registrar transfer agent services. MaplesFS was awarded the business due to its customisable and flexible approach, as well as its strong local market expertise and infrastructure, language capabilities, relationship based model and on-boarding process. In addition, MaplesFS’ affiliated firm, Maples and Calder, has been appointed as Cayman Islands legal counsel to advise on the establishment of the unit trust alongside CLFAM’s Hong Kong legal advisers.
“CLFAM has a unique set of selection criterion for service providers. We are very pleased that the Maples Group’s experience and expertise in fund administration, fiduciary and legal advisory made us the obvious choice for CLFAM,” Eastern Fong, Regional Head of Fund Services for Asia, said. “We expect to see more partnerships like the one between China Life and Franklin Templeton as Chinese firms look to tap into western markets.”
China Life Franklin Trust is an umbrella trust that was launched in December 2011. The Trust serves as a global resource allocation platform for professional management by centralising overseas asset management and providing investment consultation to China Life and third party clients. Its first fund focusing on special events was launched successfully in late March 2012.
“We are very pleased to have selected Maples as our service providers. Although we have not been working together for very long, we are impressed by their pragmatic approach to issues and the “whatever it takes” professionalism to deliver,” Eric Wang, Portfolio Manager at China Life Franklin Asset Management, said.
MaplesFS, through its operating divisions Maples Fund Services and Maples Fiduciary, is an independent global provider of fiduciary, accounting and administration services.
With offices in key locations around the world, its clients include global financial institutions and investment management firms.
MaplesFS has close ties to the international law firm of Maples and Calder and works closely with other leading international and domestic law firms. Combined with a wide range of expertise in accounting, company management, corporate, fiduciary, trust and fund administration, MaplesFS is able to offer professional and comprehensive services that are tailored to client requirements. For more information, visit http://www.maplesfs.com.
About China Life Franklin Asset Management Co., Limited
The China Life Asset Management (HK) Company Ltd was registered and established in Hong Kong in November 2005. This company is the first asset management company with a Mainland China insurance background in Hong Kong. Foreign shareholders were introduced in December 2006 at which time the company was renamed “China Life Franklin Asset Management Company Ltd”.
The company currently holds the Type 9 and Type 4 licenses issued by the Hong Kong Securities and Futures Commission for Asset Management and Advising on Securities regulated activities.
The company is a joint venture established by China Life Asset Management Company Ltd, Franklin Templeton Strategic Investments Ltd, and China Life Insurance (Overseas) Company Limited. China Life Asset Management Company Ltd, which has assets under management of over RMB1.7 trillion, is one of the largest institutional investor in Mainland China. Franklin Templeton Strategic Investments Ltd, which has assets under management of over USD700 billion is a global leader in asset management companies. The China Life Insurance (Overseas) Company Limited, which is ranked among the top three for new annual premium income in Hong Kong, is currently one of the largest China-funded life insurance companies in the Hong Kong & Macau region.
The company’s mission is to build an important platform for China Life Insurance overseas investment, to explore and provide services for the global allocation of insurance assets, and to provide professional investment services and products for institutional and individual third party clients with the resources and advantages of the shareholders.
Currently, the company is mainly entrusted with the management of the insurance funds of China Life Insurance in Mainland China and the Hong Kong & Macau region, and is providing investment services for institutional third party investors. The company also manages a trust fund for professional investors. At the end of March 2012, the company had assets under management of up to HK$43.4 billion and continues to maintain the leading position among asset management companies with China-funded backgrounds in Hong Kong.
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