Allianz SE fund management unit seeks China license

Allianz SE said its German fund management unit has applied for a license in China to establish an onshore presence, following the example of its larger US-based Pacific Investment Management Co.

"Allianz Global Investors is in the process of applying for a wholly owned foreign entity license in China," Allianz spokesman Thomas Atkins said by telephone on Thursday. He declined to provide more details.

Allianz Global Investors has about 481 billion euros ($508 billion) in assets under management, compared with $1.55 trillion at California-based Pimco. Eric Mogelof, head of the Asia-Pacific business at the US unit, said in September that his firm will probably be onshore in China in a year or two.