Germany’s Allianz Global Investors (AllianzGI) has received approval from the China Securities Regulatory Commission (CSRC) to assume full ownership of its onshore public fund management company (FMC).
The move follows the granting of initial regulatory approval in August 2023 to establish an FMC in mainland China.
The business launched with a registered capital of US$41.2 million.
According to AllianzGI chief executive Tobias Pross, the FMC licence allows the firm to fulfil a long-term strategic priority to build its business in China.
The firm set up its Shanghai Wholly Foreign Owned Enterprise (WOFE) office in 2017 and obtained a Qualified Domestic Limited Partner (QDLP) license in 2018, launching its first QDLP product in the same year, demonstrating its dedication to the market.
“China's trillion-dollar mutual fund market is poised for strong growth due to ageing demographics, rising household incomes and ongoing pension reforms,” said Pross.
“AllianzGI is well positioned to serve this growing market, blending global active asset management and market experience with local delivery to provide a diverse range of innovative investment solutions to clients.
“By continuing to invest in local talent in China and harnessing digital technologies, we aim to create value for our clients and further support the growth of our business in China."
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