Allianz Global Investors has gained approval from the China Securities Regulatory Commission to operate as a ‘wholly foreign-owned’ public fund management company in mainland China.
AllianzGI gained regulatory approval for establishing a fund management company with registered capital of $41.2m in August 2023.
Tobias Pross, chief executive officer at Allianz Global Investors, said: “Building our business in China is a long-term strategic priority for AllianzGI. Having obtained our FMC licence, 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.
“China’s trillion-dollar mutual fund market is poised for strong growth due to ageing demographics, rising household incomes and ongoing pension reforms. 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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AllianzGI set up the Shanghai Wholly Foreign Owned Enterprise office in 2017, and received its Qualified Domestic Limited Partner licence in 2018,following a programme started in 2013 which allows foreign companies to raise money from high-net-worth and institutional investors in China. The company noted China as one of its key markets for its Asian growth strategy.
Leo Shen, general manager of Allianz Global Investors Fund Management, said: “We are delighted to be able to extend our services to onshore Chinese investors. China is central to our business strategy and with the FMC approval, we will further increase our active engagement in the region. With our global investing and advisory capabilities, as well as an experienced local team in China, we are committed to establishing a comprehensive platform that offers diversified investment solutions and advisory services, as we look to become a trusted partner for Chinese clients.”
