The German insurer is using its new holding company as a platform to develop its business faster in China, but more rivals will be there soon.
Asset owners have been caught between a rock and a hard place. Volatile equity markets are forcing them into fixed income but options are fast dwindling.
The Canadian institution's asset management arm has hired a senior executive to help develop its investment management business in the "must-win battlefield" of China.
The increase in exposure will mainly be driven by heavier co-investments in the region and by adding more country-focused managers.
The firm may follow Allianz and FWD in setting up a new insurance unit after Beijing's recent relaxation of ownership rules, as asset and wealth managers seek majority local ownership.
The former chief of Hong Kong's Hospital Authority Provident Fund Scheme is heading up a new venture supported by some of the biggest pension players