London-based Allianz Global Investors has gained approval from the China Securities Regulatory Commission to operate as a wholly foreign-owned public fund management company in mainland China.
The 533bn euro London-based firm has been given regulatory approval to establish a business in China with a registered capital of RMB300m ($41.2m).
Tobias Pross, chief executive of Allianz Global Investors, said that building a business in China has been a long-term strategic priority for the firm.
“Having obtained our licence we can now commence our public fund management business in this dynamic market allowing us to begin serving the growing population of retail investors in the country.”
“China’s trillion-dollar mutual fund market is poised for strong growth due to ageing demographics, rising household incomes and ongoing pension reforms.”
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