The approval was obtained from the China Securities Regulatory Commission (CSRC), it said in a statement on 18 April.
The approval underscores AllianzGI's commitment to the mainland Chinese market and providing onshore investors with access to its global investment expertise.
In August 2023, AllianzGI received regulatory approval to establish an FMC business in mainland China, with registered capital of RMB 300m ($41.2m).
Tobias Pross, chief executive officer at Allianz Global Investors, said: "Building our business in China is a long-term strategic priority for AllianzGI. Having obtained our FMC licence, we can now commence our public fund management business in this dynamic market, allowing us to begin serving the growing population of retail investors in the country.
"China's trillion-dollar mutual fund market is poised for strong growth due to ageing demographics, rising household incomes and ongoing pension reforms. AllianzGI is well positioned to serve this growing market, blending global active asset management and market experience with local delivery to provide a diverse range of innovative investment solutions to clients. By continuing to invest in local talent in China and harnessing digital technologies, we aim to create value for our clients and further support the growth of our business in China."
Leo Shen, general manager of Allianz Global Investors Fund Management added: "We are delighted to be able to extend our services to onshore Chinese investors. China is central to our business strategy and with the FMC approval, we will further increase our active engagement in the region.
"With our global investing and advisory capabilities, as well as an experienced local team in China, we are committed to establishing a comprehensive platform that offers diversified investment solutions and advisory services, as we look to become a trusted partner for Chinese clients.”
Mainland China is of significant strategic importance for AllianzGI, as one of the key markets in AllianzGI's wider Asian growth strategy.
AllianzGI has already been an active participant in the Chinese market for some years, having set up its Shanghai Wholly Foreign Owned Enterprise (WOFE) office in 2017. AllianzGI obtained a Qualified Domestic Limited Partner (QDLP) license in 2018 and successfully launched its first QDLP product in the same year, demonstrating its dedication to the market.
Allianz Group, which AllianzGI is part of, also has a long-standing commitment to mainland China, with Allianz having established the life insurance joint venture in 1999.
In 2019, Allianz achieved another milestone by obtaining approval from the Chinese regulator to establish the first ever foreign wholly owned insurance holding company in mainland China.
