ASIA - Allianz Global Investors has signaled further expansion into Asia's pension market as a key medium-term objective.
AGI's chief executive Joachim Faber said AGI recently received permission in principle to conduct a joint venture in India with domestic asset manager Bajaj Finserv and claimed Asia was "now the place we want to put our attention to, to grow it over the next three to five years".
He added: "We are all waiting for China's pension market to open up for the retail [market]. We already have the large Chinese pension institutions as customers, and we are advising them, but we are also waiting for the broad market to open up."
It is not the first foray into emerging Asia for the German diversified financial group.
Various members of the Allianz family have activities already in Taiwan, South Korea, Singapore and Hong Kong, with the latter serving as a regional hub for units Pimco and RCM, Faber said.
In 2002 Allianz teamed up with Chinese stockbroker Guotai Junan Securities to establish Guotai Junan Allianz Fund Management Co, the first joint-venture asset management company in China.
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