The biggest country in Asia is showing that it trusts U.S. money managers to help manage its citizens’ government retirement funds.
The People’s Republic of China has hired Pacific Investment Management Company L.L.C., Newport Beach, Calif., to manage a portion of a $29 billion Chinese Social Security portfolio.
China already has been using Chinese money managers to help manage a portion of the defined benefit funds, which supplement provincial social security funds, according to PIMCO, a unit of Allianz A.G., Munich.