Allianz to invest in HK

Allianz to invest in HK

HONG KONG (Reuter): Allianz AG said about 32 percent of the funds managed by its newly launched Allianz Asset Management (Hong Kong) Ltd would be invested in blue chips in Hong Kong.

The managing director of the Hong Kong unit, Bernd Gutting, said Singaporean and Thai equities would each be allocated about 20 percent, with the remainder going to markets such as Malaysia, Indonesia and the Philippines.

Gutting said the subsidiary would also seek investment opportunities in unlisted companies.

Allianz said the unit would allocate US$500 million to Southeast Asian equity markets up to 1998.