LONDON - The Asset Management Association of China (AMAC), the fund industry body, Thursday signed a Memorandum of Understanding (MoU) in London with its Britain's peer the Investment Management Association (IMA) in order to improve mutual understanding and further collaboration.

The signing ceremony was hosted during the China's Asset Management Industry Promotion Conference, which was co-organized by China Construction Bank and brought together the top fund management companies of China.

Zhong Rongsa, deputy chairperson of AMAC, and Helena Morrisey, chairperson of IMA, signed the MoU, representing both countries' asset management sectors.

The MoU marks a formal understanding between the two trade bodies that they will work together in the furtherance of their shared interests and goals, said IMA in a statement via its website.

Daniel Godfrey, chief executive at IMA, said:" The Chinese market is important both as a place for us to invest and as a market for our members to serve future generations of savers. We are delighted to enter into this MoU with the AMAC and we look forward to friendship and mutually beneficial cooperation in the years ahead."

The AMAC was established in June 2012 and is a self-regulatory organization representing the mutual fund industry in China. As in May 2013, the association has 370 members.

While the IMA is the trade body for asset managers who manage around 5 trillion pounds ($8.2 trillion) of assets in Britain as of Dec 31, 2013.

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