In a major restructuring,
Allianz is to give greater autonomy to its two key asset management
operations, Allianz Global Investments (AGI) and PIMCO, which will
as of 1 January 2012 function as discrete investment management
businesses housed in a new division, Allianz Asset
Management.
The new structure extends the
development that began in the US market in 2010 whereby
distribution of PIMCO and AGI products has been
separated.
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Joachim Faber, a member of
Allianz’s board of management, explained that the new strategy
acknowledges the evolution of the insurer’s asset management
business since its establishment as a distinct business in
1998.
He continued that while the
first few years were defined by acquisitions, the last eight or
nine years have witnessed “tremendous organic growth in the
business, driven in particular by the extraordinary success of
PIMCO”.
When Allianz acquired PIMCO in 2000, the US-based asset
management company ad assets under management (AuM) of $264bn. At
the end of June 2011, PIMCO reported AuM of $1.343trn, two thirds
of Allianz’s total AuM of €1.4trn ($2trn).
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