Allianz Global Investors (AllianzGI) has become the latest foreign asset manager to seek Beijing’s approval to expand in the world’s second-largest economy, reports Reuters. AllianzGI filed its application Friday last week to enter China’s $3.95 trillion fund management market, according to a filing with the China Securities Regulatory Commission which became available to the public on Monday evening.
The application “further demonstrates the firm’s commitment in China and its dedication to develop the onshore fund management business in this important market,” a spokesperson for AllianzGI said in a statement.
Reuters reported last August that AllianzGI, one of the two asset management arms of German financial group Allianz as well as Pimco, was pressing ahead with a plan to form a fully owned fund management business in China.