Fidelity International and China Asset Management Co. announced Thursday a strategic partnership on research under which Fidelity will advise ChinaAMC on the development of the Beijing-based firm's target-date fund products.
The partnership will see "Fidelity International act as research consultant providing advice on research work of ChinaAMC's target-date funds," including leveraging Fidelity's experience in areas such as the design of the target-date fund asset allocation glidepath, according to a joint news release.
China's regulators earlier this year approved the first batch of target-date fund products for the country's new "third pillar" individual retirement accounts.
Daisy Ho, managing director, Asia ex-Japan, with Fidelity International, said in the news release that regulatory approval marks "a new step in the development of China's third-pillar pensions market," citing the partnership with ChinaAMC as "an important milestone for our participation in the development of China's pension market."
Yimei Li, general manager of ChinaAMC, in the same news release noted that her firm's pension business has an industry leading 170 billion renminbi ($24.9 billion) in assets.