SHANGHAI: Allianz AG of Germany has won a licence to set up a 100 million yuan (US$12mil) venture to manage Chinese investors’ funds, allowing it to launch its effort to tap US$1.2 trillion in savings.
Allianz said it and its partner Guotai Junan Securities, one of China’s largest brokerages, had picked up an operating licence for their venture, joining European rivals ING, which launched its first fund this month, and Societe Generale.
