More recently, global asset managers have also gained market entry into CBIRC regulated asset management categories via:
- joint ventures with bank wealth management companies. In September 2020, Amundi Asset Management Company established a joint venture with BOC Wealth Management Company, with a 55% shareholding;
- joint ventures or wholly-owned subsidiaries in insurance asset management. In January 2021, Allianz Group was approved to operate a wholly-owned insurance asset management company in China. Early in 2019, four global institutions, through their Chinese insurance joint ventures, set up insurance asset management businesses in China.
- Joint ventures in pension management companies. In January 2021, Hengan-Standard Life, an insurance joint venture between Standard Life Aberdeen and its Chinese partner, established a pension management company in China.
In summary, global asset managers now have various options for entering China’s asset management market either through joint ventures or wholly-owned subsidiaries. Joint ventures usually benefit from the Chinese partner’s fund-raising support in the local market, while wholly-owned subsidiary route ensures the manager has total control of the strategy and operations of its business in China.
 Source: CIBRC.