UOB and Allianz team up for a slice of China's fund market

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 50:50 joint-venture, though detailed plans are yet to be worked out.