China Life Franklin Asset Management (CLFAM) has selected MaplesFS as trustee and administrator for the China Life Franklin Trust, a Cayman Islands domiciled unit trust.

CLFAM is the first joint venture between asset management firms in the east and west as regulation on foreign investment eases.

MaplesFS will act as the trustee for the China Life Franklin Trust and will provide full administration services, including the fund accounting and registrar transfer agent services.

MaplesFS' affiliated firm, Maples and Calder, has been appointed as Cayman Islands legal counsel to advise on the establishment of the unit trust alongside CLFAM's Hong Kong legal advisers. 

“CLFAM has a unique set of selection criterion for service providers. We are very pleased that the Maples Group's experience and expertise in fund administration, fiduciary and legal advisory made us the obvious choice for CLFAM,” says Eastern Fong, regional head of fund services for Asia at Maples. “We expect to see more partnerships like the one between China Life and Franklin Templeton as Chinese firms look to tap into western markets.”

China Life Franklin Trust is an umbrella trust that was launched in December 2011. The trust serves as a global resource allocation platform for professional management by centralising overseas asset management and providing investment consultation to China Life and third party clients. Its first fund focusing on special events was launched in late March 2012.

“We are very pleased to have selected Maples as our service providers. Although we have not been working together for very long, we are impressed by their pragmatic approach to issues and the 'whatever it takes' professionalism to deliver," says Eric Wang, portfolio manager at China Life Franklin Asset Management.