Allianz Global Investors (AllianzGI) has received the go-ahead from China’s securities regulator to set up an onshore fund unit in China.
“Allianz Global Investors can confirm we were granted an approval from CSRC [the China Securities Regulatory Commission] to establish a fund management company in China. This milestone demonstrates the firm’s commitment in China and its dedication to develop the onshore fund management business in this important market,” the firm said in a statement to FSA.
In 2021, BlackRock became the first foreign firm to obtain approval from China’s securities regulator in 2021 to set up a wholly owned mutual fund business.
Afterwards, the CSRC approved its approvals but what was once a trickle has now become a flood with the likes of Neuberger Berman and Fidelity International among those who have received approval to set up wholly owned mutual fund businesses.