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Germany’s AllianzGI looks to tap China’s ‘thriving investment landscape’ as it gets licence to operate onshore fund management company
- The approval marks ‘a milestone in our investment journey,’ says Desmond Ng, head of Asia-Pacific
- Granting of licence comes as China tries to boost foreign investor confidence in a bid to rescue post-Covid economy
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Germany’s Allianz Global Investors (AllianzGI) is looking forward to tapping mainland China’s “vast potential and steady growth” after getting the green light to operate an onshore fund management company there, according to its regional head.
The fund manager received its licence on Thursday after obtaining approval from the China Securities Regulatory Commission in August last year to establish a wholly foreign-owned public fund management company, with registered capital of 300 million yuan (US$41.2 million) as Beijing strives to attract more foreign firms to help revive economic growth.
The approval marks “a significant milestone in our investment journey,” said Desmond Ng, head of Asia-Pacific at AllianzGI.
“With its vast potential and steady growth, China presents unparalleled opportunities for us to serve our clients and investors as it accelerates the opening of its capital markets,” he said.
“We are excited about the prospects ahead and look forward to establishing long-term relationships in China’s thriving investment landscape.”
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The granting of the formal licence comes hot on the heels of German Chancellor Olaf Scholz’s three-day visit to China, during which he lobbied President Xi Jinping to improve market access for German companies and strengthen business ties between the two countries.
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