Allianz SE sees a “huge opportunity” from asset management in China because the nation needs to diversify overseas investments, its chief executive officer said.
Chinese investors need to diversify, which requires advice on how to invest in Europe or US credit markets, CEO Oliver Baete said in an interview with Bloomberg Television at the New Economy Forum in Singapore. “I think we can add a lot of value to that.”
Baete told Chinese media in early October that his company is still optimistic about the future of China. Allianz won approval to establish the first foreign insurance group in the world’s most populous country, and it subsequently set up the first fully owned foreign insurance asset management firm.
Baete is also keen to help China with its plans to develop its pension system.
“Germany has a cost-efficient corporate pension system, and if China will grant us access to a system that’s similar, that’s what we are interested in,” he said. “The corporate pension system saves costs for workers.”
–With assistance from Stephan Kahl, Haidi Lun and Shery Ahn.
Photograph: Oliver Baete at the Bloomberg New Economy Forum in Singapore in November 2022. Photo credit: Ore Huiying/Bloomberg
Topics China
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