Allianz mulls setting up asset management venture in China

Allianz Global Investors, the main asset management arm of German insurer Allianz SE, is reportedly in talks with Chinese banks to set up a majority-owned asset management venture in China. According to a Reuters report, Allianz Global Investors has been in talks with Chinese banks over the past few months, including Industrial Bank and China CITIC Bank, to tap China’s USD4.3tr wealth products market. The asset management firm is the latest foreign asset manager to seek a bite of China’s lucrative wealth management market after China allowed foreign companies to set up a majority-owned wealth management JV with local banks in 2019.