Allianz Seeks Bigger Foothold in China’s $3.9 Trillion Mutual Fund Market

What’s new: Allianz Global Investors GmbH is seeking to set up a wholly owned mutual fund manager in China, as the German financial giant looks to take a bigger foothold in the 27 trillion yuan ($3.9 trillion) market.

The China Securities Regulatory Commission (CSRC) received Allianz’s application on Monday, according to the regulator’s website.

If the CSRC approves the application, the new company will allow Allianz to expand into China’s lucrative mutual fund business. Since 2003, it has had a presence in the market through a joint venture known as CPIC Fund Management Co. Ltd.