China (Shanghai) Pilot Free Trade Zone has attracted a large number of international asset management giants, thanks to its opening up and preferential policies, Pudong Times reported on Sept 15.

Allianz Global Investors, subsidiary of Germany's asset management giant Allianz SE, recently announced its intentions to set up a subsidiary in Shanghai FTZ. It follows the moves of UK's Aberdeen Asset Management and JP Morgan Asset Management, division of US-based JP Morgan Chase & Co.

Sun Yanxia, executive director of Allianz Global Investors, said that the company sees the huge demand of Chinese investors to invest overseas and hopes to enter the Chinese market. Shanghai FTZ is considered by many as the best choice, as both foreign and Chinese financial institutions are treated equally there.

Sun added that the company excels at providing asset and liability management and pension fund solutions, which caters to the Chinese market. It plans to work with Chinese insurance firms to develop innovative financial products.

The moving in of those global asset management giants will attract experienced industry professionals, adding to the city's talent pool. It will also increase Shanghai's global competitiveness in its finance sector, and contribute to the city's goal of becoming an international financial center.