Munich-headquartered asset manager Allianz Global Investors (AllianzGI) has applied to establish a fund management company (FMC) in China, according to the China Securities and Regulatory Commission’s (CSRC) website.
“AllianzGI can confirm its application of establishing a fund management company in China. This further demonstrates the firm’s commitment in China and its dedication to develop the onshore fund management business in this important market,” a spokesperson from the asset manager told FSA.
According to the CSRC’s website, the application was filed on 24 March, but was only disclosed on Monday.
The firm currently holds a wholly foreign-owned enterprise licence, which allows it to access domestic institutional investors through Allianz Global Investors Asset Management, while the FMC licence would allow the German asset manager to tap into the domestic retail market as well.
Despite heightened geopolitical tensions, AllianzGI earlier told FSA that it continues to favour Chinese stocks given the reopening theme.
As of the end of 2022, AllianzGI has €506bn ($551.9bn) in assets under management globally.
The Chinese authorities have recently been accelerating the approval process for foreign asset managers entering the local market.
Earlier this month, AllianceBernstein announced that the CSRC had given it the nod to open its FMC, AllianceBernstein Fund Management.
Other asset managers such as BlackRock, Fidelity International and Neuberger Berman have already set up FMCs and launched funds to retail investors in China.
