Allianz Group Plans to enter into Indian Mutual Fund Business

Germany based, Allianz Group, is planning to enter into asset management business in India, reports Business Standard.

Allianz signed an agreement with the Delhi-based Allianz Capital & Management whereby the latter surrendered the `Allianz` name for USD 2-3 million.

The group has already applied to the Reserve Bank of India (RBI) to secure a banking licence.

For the life and non-life insurance business in the country, Allianz tied up with the Bajaj group. However, it is not decided whether Allianz would partner Bajaj for AMC business in India.

Allianz Global Investors, manage about one trillion Euros worth of assets, making it one of the world`s top five asset management groups. Globally, it has access to more than 60 million clients. It has expertise in the areas of property and casualty insurance, life and health insurance, banking and asset management and provides financial services to more than 70 million customers in over 70 countries.

Recently big business houses like UBS, JP Morgan, AIG, Mirae Asset and Dawnay Day announced their foray into the Indian shores