Allianz SE is in talks with Chinese banks to set up a majority-owned asset management venture in the world's second-largest economy, two people with direct knowledge of the matter said, aiming to tap a $4.3 trillion market for wealth products.
The rush, however, has led to doubts whether there are enough suitable local partners for the asset managers to team up with.
A news department official at Industrial Bank said he's not aware of the talks. Citic Bank could not be reached immediately for comment. Western asset managers, however, are betting on the long-term growth prospects of China's financial sector. The insurer currently has 49% stake in a fund management joint venture with a unit of China Pacific Insurance
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