Allianz succeeds in entering the market

The Allianz Group has succeeded in taking an important step into the Chinese asset management market. The regulatory commission for Banks and Insurance (China Banking and Insurance Regulatory Commission) approved the preliminary establishment of Allianz Insurance Asset Management (Allianz IAMC), according to an Allianz Group announcement. According to the statement, Allianz IAMC will be the first wholly foreign-owned insurance asset management company in China. An investment management team will be established locally „to better meet the global asset management needs of clients“ and provide asset management products and services to Allianz sister companies and third-party clients in the insurance industry. The entry into the Chinese market was made possible by China’s opening up in insurance and financial services. nib