Munich-based Allianz Global Investors is the latest asset manager to receive regulatory approval to set up an onshore fund unit in mainland China.
Allianz Global Investors has been granted approval to set up an onshore fund management company in the mainland, according to an official note, after first filing an application with the China Securities Regulatory Commission in March. The note added that parent group and German insurer Allianz had committed 300 million yuan ($41 million) to establish the new unit.
Allianz joins a number of other global asset managers seeking to expand in China’s onshore market. Earlier this week, private equity firm Blackstone obtained approval to raise funds locally for foreign investments. In March, Fidelity also announced that it would launch its first-ever onshore retail fund which is an equity strategy focused on opportunities from China’s economic recovery.
