(Yicai) June 20 -- German financial services group Allianz has opened its first mutual fund management subsidiary in Shanghai, according to a new report.

The Shanghai unit opened yesterday, the Paper reported today. It's the first German wholly-owned public fund manager on the Chinese mainland and the ninth foreign wholly-owned one.

Shanghai is building an assets management hub with global influence, which will be helpful to meet residents' needs to keep and increase their wealth and is beneficial to gather global asset management factors to enhance the competitiveness and influence of the city as an international finance center, according to the report. 

Shanghai will continue to strengthen the building of a market-oriented, law-based, and international business environment to create better conditions and offer better services to domestic and foreign financial institutes, including Allianz's new subsidiary, the report said.

China's investment environment is quickly changing, Desmond Ng, head of Asia Pacific at Allianz Global Investors and chairman of the Chinese unit, said on May 9. The opening up of the pension fund market, the growth of the middle class, the improvement of financial literacy, and the broad use of digital techs bring unprecedented opportunities to the Chinese market, creating a great opportunity to invest in China, he noted.

Founded in 1998, Allianz Global managed assets worth more than EUR533 billion (USD572.5 billion) in over 20 markets worldwide as of the end of last year, according to its website. It is one of the first overseas investment managers of national social security funds and one of the biggest foreign asset managers by funds invested in the Chinese mainland capital market.

Allianz Global's main businesses on the Chinese mainland include investment management of areas such as stocks, bonds, and alternative investments.

Editor: Martin Kadiev