China Life interested in AIG's Asia assets

China Life Insurance Co, the world's biggest life insurer by market value, is interested in buying Asian assets of American International Group (AIG), a senior China Life manager briefed yesterday.

"We want to buy parts of AIG's business, especially those in areas of Asia such as Hong Kong, Singapore and South Korea," the manager said.

China's sovereign wealth fund, which includes Chinese insurers, is in talks to buy a 49 percent stake in AIG unit Alico in a deal that could be worth up to $10.6 billion.

Barclays gets $10b as Citi rescue resounds

Shareholders of British bank Barclays backed a $10 billion fundraising yesterday as investors absorbed the weekend rescue of US-based Citigroup.

Barclays chairman Marcus Agius said investors had voted in favor of the British bank's controversial 7 billion pound ($10.44 billion) fundraising.

A final tally will be released later. Barclays had been expected to get the 75 percent approval it needed for the plan to go ahead. However, there is likely to be a high number of abstentions in protest, analysts and fund managers have said.

HK dollar eases slightly, interbank rates steady

The Hong Kong dollar edged lower yesterday as the unwinding of carry trades slowed amid some corporate demand for the US currency, dealers said.

The local currency was trading at 7.7517/19 against the US dollar in late afternoon, down 0.02 percent from late Friday trade.

Local interbank rates were trapped in a narrow range in thin activity.

Hedge fund Abax co-founder Hsu steps down

Abax Global Capital said yesterday that co-founder Chris Hsu had stepped down as chief executive of the Hong Kong-based hedge fund manager following differences of opinion on its direction.

Abax, which is partly owned by Morgan Stanley, was one of the most anticipated Asian hedge fund start-ups of 2007, launching with about $300 million of assets under management.

Reuters

(HK Edition 11/25/2008 page2)