China Approves 100% Ownership Establishment of Allianz Fund in Germany

Germany's Allianz Fund received approval to establish a 100% equity structure in China just five months after applying. This appears to be part of China's foreign investment attraction strategy, which has been emphasized with a continuous willingness to open up.

According to Chinese economic media Caixin on the 24th, the China Securities Regulatory Commission approved the establishment of Allianz Fund the day before. It is the ninth foreign-invested fund management company with 100% foreign equity to be approved in the Chinese market. Previously, BlackRock, Fidelity, and Schroders had received approval to establish public fund management companies in China.

The equity of Allianz Fund is held by Allianz Global Investors, with registered capital of about 300 million yuan (approximately 54.7 billion KRW). The company applied for establishment to the China Securities Regulatory Commission on March 27, and it took less than five months to receive approval. This is the fastest speed among foreign-invested fund management companies.

Allianz Investment is part of the Allianz Group, established in 1890, and is the world's largest insurance and asset management company. As of the end of last year, the group's insurance business scale was 683 billion euros (approximately 980.3 trillion KRW), and the third-party asset management business scale reached 1.6 trillion euros.

Since 2002, Allianz has continuously invested efforts in the Chinese public fund market. At that time, Guotai Junan Securities and Allianz jointly established Guoan Fund (later renamed Guolian Fund), which was the first Sino-foreign joint asset management company approved in China.

Oliver B?te, Chairman of the Board and CEO of Allianz Insurance Group, attended the China Development Forum Annual Meeting held in Beijing in March this year as a foreign chairman. At that time, he mentioned, "We are very grateful for the support from the Chinese government and regulatory authorities over the past few years, which has enabled us to acquire many essential business licenses."

This content was produced with the assistance of AI translation services.