Allianz Global Investors applied for a fund management company license in China on Mar. 24, which will allow it to access the country's domestic retail investor market, a spokeswoman confirmed.
"This further demonstrates AllianzGI's commitment in China and its dedication to develop the onshore fund management business in this important market," the spokeswoman said.
AllianzGI, which has €506 billion ($538.5 billion) in assets under management, set up its onshore fund management business in China when it hired Leo Shen from Mercer in Hong Kong to lead the business in 2021.
The firm already has a wholly foreign-owned enterprise license, with which it operates Allianz Global Investors Asset Management (Shanghai). The WFOE license allows AllianzGI to serve domestic institutional investors in China, while the FMC license will allow the company to access domestic retail investors in the country.
The company is the latest to take advantage of loosened regulations released in 2020 that allow foreign firms to fully own fund management firms in mainland China.
J.P. Morgan Asset Management gained approval to acquire full interest in its Shanghai joint venture in January, following similar approvals for Schroders, Manulife Investment Management and Neuberger Berman.
In 2021, Allianz China Life became the first foreign-owned life insurance company in China to take over ownership of its joint venture when it was approved to acquire the 49% shareholdings owned by CITIC Trust.