Allianz is reportedly in talks with Chinese banks to set up a majority-owned asset management venture in the country, according to Reuters.
The German financial services firm’s asset management arm, Allianz Global Investors (AllianzGI), has been holding discussions with several banks over the past few months.
AllianzGI is the latest foreign asset manager to seek a slice of China’s wealth management market. After China in 2019 allowed foreign companies to set up majority-owned wealth management joint ventures with local banks’ wealth units, BlackRock, Schroders and Goldman Sachs have entered the market.
International Adviser asked Allianz for a statement but the firm said it does not “comment on market rumours and speculation”.