A report in London’s Financial Times highlights the plans of Germany’s Allianz to increase its fund management business in Europe, as a “third pillar” to go with its life and general insurance business.
The company plans to establish between 1500 and 2000 financial consultants in major German cities to handle pension plans, that will be increasingly privatized under recently passed legislation. It hopes to have a 3 to 5 percent market share by 2003.
The FT commented that the move to build a separate financial management business was evidence of “its growing impatience with bank alliances.” Allianz holds a 21 percent stake in Dresdner Bank, and has not been able to make a definitive arrangement to sell its stake.
Allianz already has a strong presence in the U.S. market following its acquisition of California based PIMCO Advisors, and Nicholas-Applegate. It hopes to achieve initial success in the German market, and then expand its asset management business to other European countries.
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