Allianz is reportedly in talks with Chinese banks to set up a majority-owned asset management venture in the country, according to Reuters.
The German financial services firm’s asset management arm, Allianz Global Investors (AllianzGI), has been holding discussions with several banks over the past few months.
AllianzGI is the latest foreign asset manager to seek a slice of China’s wealth management market.
International Adviser asked Allianz for a statement but the firm said it does not “comment on market rumours and speculation”.
This article was first published on our sister publication, International Adviser.