Allianz Revamps Its Asset Management Arm; No Sale, IPO Planned
September 06 2011 - 8:52AM
Dow Jones News
Allianz SE (ALV.XE), Europe's largest insurer, Tuesday said it
is reorganizing its asset management business to give better
visibility to its two main brands, Pimco and Allianz Global
Investors.
Pimco is Allianz's global fixed-income securities business,
while Allianz Global Investors groups the company's equity
investment. The two will be paired up in a new unit called Allianz
Asset Management, with EUR1.4 trillion in assets in its care.
Allianz spokesman Hanno Strube stressed that "no sale or initial
public offering of either of the two brands is planned," and said
there will be no change to Pimco's management team or Pimco's
standing as an independent entity within the group.
Allianz Global Investors' management team is being strengthened
by the reorganization, Strube said. The new structure will be
effective Jan. 1, when Jay Ralph will succeed Joachim Faber as head
of asset management on Allianz's management board.
Strube said Faber and Ralph jointly developed the new structure
to move away "from a family of boutiques model to a clear
two-pillar structure." The new structure also reflects the shift
toward a customer-oriented businesses rather than just brands, the
Allianz spokesman said.
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com