Chinese regulator granted approval to Allianz Global Investor to set up onshore fund management company

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China’s securities regulator granted approval to Allianz Global Investors to set up an onshore fund management company.

The asset manager, an investment management subsidiary of German insurer Allianz, committed 300 million yuan ($41.20 million) to establish the unit in China’s $3.8 trillion mutual fund market, according to an official record from the regulator.

The initial greenlight came five months after Allianz GI filed its application with the China Securities Regulatory Commission, in March, one of the fastest regulatory nods granted to a foreign asset manager.