China’s securities regulator on Thursday granted approval to Allianz Global Investors (Allianz GI) to set up an onshore fund management company as Beijing vowed to step up efforts to attract foreign companies amid sluggish economic growth.
The asset manager, an investment management subsidiary of German insurer Allianz, committed 300 million yuan ($41.20 million) to establish the unit in China’s $3.8 trillion mutual fund market, according to an official record from the regulator.
The initial greenlight came five months after Allianz GI filed its application with the China Securities Regulatory Commission, in March, one of the fastest regulatory nods granted to a foreign asset manager.
China’s State Council issued guidelines on Sunday that it said would further optimize the foreign investment environment and attract more of it.
The German asset manager is the latest of a host of foreign asset managers, including BlackRock BLK.N and Fidelity International, seeking to expand their presence in China since it removed ownership restrictions in 2019.
($1 = 7.2807 Chinese yuan renminbi)
(Reporting by Selena Li; editing by Christopher Cushing, Robert Birsel)
Photograph: Chinese people visit a national flag show at Chaoyang park Sept. 30, 2006 in Beijing, China. (Photo by China Photos/Getty Images)
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