German asset manager Allianz Global Investors (AllianzGI) is the latest firm to seek regulatory approval for a mutual funds business in onshore China.
The firm lodged its application in a filing made to the China Securities Regulatory Commission last week.
It joins a growing list of global asset managers that have either been granted approval for wholly-owned fund businesses or have applied for such approval.
These include BlackRock, Fidelity International and Schroders.
One firm that is reportedly not seeking to set up in China is Vanguard. According to numerous reports, Vanguard is exiting the China market and its current joint venture with Chinese e-commerce giant Ant Group, although this has not been confirmed by Vanguard.
Allianz CEO Oliver Bate recently underlined the firm’s interest in China and its $4 trillion fund management market in a speech at the China Development Forum on Sunday.
"Now, more than ever, the international community needs China to come back, not just because it's the second largest economy, but is one of the sources of innovation and quality for the years to come," said Bate.
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