AMP Capital wins real estate mandate from China’s social security fund

China’s National Council for Social Security Fund (NCSSF) has selected AMP Capital to manage a “significant” global listed real estate mandate.

NCSSF, established in 2001, is one of the largest institutional investors in China with almost RMB1trn in funds under management.  It was one of the first Chinese institutional investors to invest offshore through external mandates and investment managers.

AMP Capital Director International Business Anthony Fasso said in a statement that the mandate win was a major milestone for the firm, in China and the region, given the significance of NCSSF. “It highlights the growing trend of Chinese offshore investing,” Fasso said.

AMP Capital, a pioneer of the global real estate sector in the Asia Pacific region, manages over A$21.2bn in global real estate. China is a key strategic market for Australian parent AMP Limited and AMP Capital, having established the group’s representative office in Beijing in 1997.

The NCSSF portfolio will be invested in property securities listed on share markets in the Americas, Europe and Asia Pacific.  The portfolio will be managed by AMP Capital’s Head of Global Listed Real Estate Matthew Hoult and his team located in Sydney, Hong Kong, London and Chicago.

In 2009, AMP Limited was the first foreign financial institution to sign a Memorandum of Understanding for Strategic Cooperation with China Life Insurance (Group) Company, the largest insurance group in China and the world’s largest listed life insurance company.

In addition, AMP Capital was the first Australian company to be granted a QFII licence by the China Securities Regulatory Commission in 2006.  It secured its first quota of $200m in 2006, followed by a second quota of an additional $100m in 2008.

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