Allianz Global Investors currently has 25 locations in the US, Europe and Asia-Pacific.

Allianz Global Investors, the asset management arm of Munich-headquartered Allianz Group, has applied for a wholly foreign-owned entity licence in China as it seeks to establish an onshore presence in the region.

Commonly abbreviated as WFOE, this investment vehicle for mainland China-based businesses allows foreign parties to incorporate a foreign-owned limited liability company without the involvement of a Chinese investor.

“Allianz Global Investors has applied for a wholly owned foreign entity licence in China, and that's all we want to say for now,” Thomas Atkins, a spokesperson for the group, told this publication last week. He declined to comment further on the matter.

Allianz Global Investors has around €481 billion ($508 billion) in assets under management and this figure could swell significantly if Chinese regulators grant the German group with permission to land.

The division is led by chief executive Andreas Utermann and has 25 locations throughout the US, Europe and Asia-Pacific. Based in Frankfurt, it employs around 600 investment professionals, according to Bloomberg.

Earlier this year, Bridgewater Associates, a US investment management firm, became the first foreign hedge fund manager to win approval to set up a stand-alone investment management business in China, according to Shanghai-based consulting firm Z-Ben Advisors.