Singapore's United Overseas Bank UOB and Germany's Allianz Group have decided to team up to enter the mainland China pensions and fund management industry and are now looking for a local partner to join them. The two banks have signed a memorandum of understanding to form a 5050 joint-venture, though detailed plans are yet to be worked out.
Chin-kong Tan, business development director with UOB Asset Management, says UOB will play a major role in the investment process and provide back office support in the venture, while Allianz Asset Management will have significant input on product development.
According to Tan, there are about 10 fund managers and 20 securities companies in the...
