The asset management arm of Germany-based Allianz has secured regulatory approval for its fund unit in mainland China.
Allianz Global Investors has obtained approval from the China Securities Regulatory Commission to operate as a wholly foreign-owned public fund management company (FMC), according to a statement.
«Building our business in China is a long-term strategic priority for AllianzGI. Having obtained our FMC license, we can now commence our public fund management business in this dynamic market, allowing us to begin serving the growing population of retail investors in the country,» said AllianzGI CEO Tobias Pross.
Market Commitment
Mainland China is a strategically important market for AllianzGI, which set up a Shanghai Wholly Foreign Owned Enterprise office in 2017 and obtained a Qualified Domestic Limited Partner license in 2018. In August 2023, the German asset manager received regulatory approval to establish an FMC business in mainland China with registered capital of 300 million Chinese yuan ($41.2 million).
«China's trillion-dollar mutual fund market is poised for strong growth due to aging demographics, rising household incomes and ongoing pension reforms,» Pross added.
