Hooking up with the Ping An Insurance Groups securities firm would represent Alliances first dive into the Chinese market, and, according to the newspaper, establish a financial powerhouse in mainland China for the already high-stakes Ping An group.
Though neither company would comment on the negotiations, sources told the Post that Alliance would be looking for the maximum 33% stake in the securities firm, echoing the moves of many other foreign companies that have gone into business in China. Alliance has $480 billion of assets under management stretched across 19 countries. Selection of a chief executive for the new venture is also underway, sources said.
