QIC, Ping An Asset Management ink agreement aimed at cooperation, collaboration

Queensland Investment Corp. and Shanghai-based Ping An Asset Management Co. signed a memorandum of understanding to pursue cooperation and collaboration in building their cross-border asset management businesses.

Damien Frawley, chief executive of Brisbane, Australia-based QIC, said in an interview that the two sides are still working out details aimed at forging a long-term relationship that could lead to co-development and co-investment opportunities down the road.

Mr. Frawley said that relationship with Ping An, the asset management arm of China's second-largest insurer, with 2.1 trillion renminbi ($303 billion) in assets under management, will help QIC deepen its understanding of the Chinese market.

Meanwhile, as Chinese investors become increasingly global, QIC's strengths in areas such as infrastructure, real estate and private equity could prove useful to Ping An as well, he said.

The tie-up “gives us opportunities to understand more about our respective markets, and where we can cooperate and collaborate,” Mr. Frawley said.