“Allianz Global Investors is in the process of applying for a wholly owned foreign entity license in China,” Allianz spokesman Thomas Atkins said by telephone Thursday. He declined to provide more details.
Bloomberg News reports that Allianz Global Investors has about $508bn in assets under management, compared with $1.55 trillion at Pimco. Eric Mogelof, head of the Asia-Pacific business at the U.S. unit, said in September that his firm will probably be onshore in China in a year or two.
Earlier this year, Ray Dalio’s Bridgewater Associates became the first foreign hedge fund manager to win approval to set up a standalone investment-management business in China, according to Shanghai-based consulting firm Z-Ben Advisors. Other firms have taken similar steps in response to rising Chinese demand for overseas investment options as they diversify from a weakening yuan.
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