THE official approval of the new QIC-Ping An China Corporate Bond Fund was marked by a ceremony attended by Queensland’s Deputy Premier and Treasurer Jackie Trad in Shanghai.
Queensland Investment Corporation is a Queensland Government-owned investment company, with more than $80bn in assets under management and clients in Australia, Europe, Asia, the Middle East and the United States.
“QIC has a significant role supporting Queensland’s record economic growth and managing a portfolio of investments in Australia and in overseas markets,” Ms Trad said.
“China is an important market for QIC, supported by the rapid growth in Chinese domestic investment capital and increasing capital mobility between our nations.
QIC and Ping An Asset Management Company will work together to give global investors the opportunity to participate in the growth of the Chinese economy by investing in China’s rapidly-growing bond market, already the second largest in the world.
“This collaboration showcases a Queensland institution at the forefront of the global financial services industry, and the launch helps to celebrate the 30th anniversary of our sister-state relationship with Shanghai,” Ms Trad said.
QIC CEO Damien Frawley emphasised the importance of the approval and the pathways it created.
“China has long been an important market for QIC, and growth in Chinese domestic investment capital and increased capital mobility between China and other countries continues to create exciting new opportunities,” Mr Frawley said.
“We feel very fortunate to be partnering with PAAMC, a like-minded, forward-thinking company with complementary investment capabilities but with the same client focus.”
QIC is one of the first Australian investment managers to establish this type of investment offering.