China Life’s new tie-up with Manulife AM explained

China Life has signed an investment partnership with Manulife Asset Management that underscores mainland insurers' hunger for foreign private-market assets and expertise, and looks likely to herald more such deals. It is the first such tie-up that China's biggest life insurer, with Rmb2.45 trillion ($353 billion) under management, has signed with a global financial institution. And the Beijing-based group has hinted that others could follow. Under the memorandum of understanding…