Germany-based Allianz Global Investors (Allianz GI) has become the latest overseas firm to secure approval for an onshore fund management company in China.
The firm has committed RMB300 million (US$41.20 million) to the venture.
Allianz GI, a subsidiary of the German insurance giant, joins a number of approved international asset managers to have entered China’s lucrative onshore funds market, estimated to be worth more than $3.8 trillion.
The fund manager also owns a 49% stake in a joint venture with China Pacific Insurance.
The approval for the wholly owned, onshore mutual fund business is also evidence that the Chinese authorities are looking to accelerate the addition of overseas firms since loosening the restrictions in 2019.
Allianz GI’s application to the China Securities Regulatory Commission was made in March, making the five-month process one of the quickest to date for an overseas firm.
©2023 funds global asia