CHINA - Allianz and China's Guotai Junan Securities have signed an agreement to set up an asset management joint venture. This follows an agreement between Dresdner Bank and Guotai Junan Securities in January this year and Allianz now assumes the agreement.
The firms will co-operate in the areas of investment management and research, information technology, risk management and funds’ administration and will establish a fund management company upon the approval by the relevant authorities in China.
Allianz and Guotai Junan have been in discussion since 1997. If law permits, Guotai Junan and Allianz may invite additional minority shareholders to join the new asset management company.
Joachim Maedler of Allianz Dresdner Asset Management’s executive committee said: “We consider the presence in China as an integral part of our regional and global asset management development plans.
“Especially in the context of China’s enter into WTO international asset management houses are increasingly turning their attention to the long-term potential of China’s savings market and to the very real opportunities to manage pension assets in the wake of the ongoing pension reform.”
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