German insurer Allianz SE (ALV.XE) said Tuesday it will group PIMCO and Allianz Global Investors in a new holding company named Allianz Asset Management.

MAIN FACTS:

-The changes follow the development that began in the US market last year when the distribution of PIMCO and Allianz Global Investors products was separated, allowing them to better defined offerings directly to clients.

- PIMCO will continue to be led by Bill Gross and Mohamed El-Erian.

-The significant scale of Allianz's asset management business, now with EUR1.4 trillion assets under management, has been driven by the outstanding, consistent growth of PIMCO since it became part of Allianz more than 11 years ago.

-Allianz board member Jay Ralph will become chairman of Allianz Asset Management on Jan. 1, 2012.

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500