Approval for fund management venture

Allianz AG, Europe's largest insurer, said it has won approval from the China Securities Regulatory Commission to set up a fund management joint venture in China with Guotai Junan Securities. It becomes the first foreign insurer to win such a licence. The Munich based insurer will own 33 per cent of the venture, which will be known as Guotai Junan Allianz Fund Management. Allianz said the granting of the fund management licence was a cornerstone in the development of China's fund industry.