Ping An Insurance, one of the largest insurance companies in mainland China, will become the first to take advantage of a new regulation allowing insurers to employ external fund managers, a senior executive indicated yesterday.

According to Chinese investment consultancy Z-Ben Advisors, the chief executive of Ping An's fund management subsidiary, Chen Dexian, said yesterday that the firm has "sent out RFPs" - requests for proposals, or tender documents for asset management services.