Allianz Global Investors Says It Is Cutting Some Roles

Allianz Global Investors, the smaller of the two asset managers owned by German insurance giant Allianz SE, is cutting some roles as it looks to make changes to its organizational structure.

“Some tasks and elements of our operation may no longer be required or can be achieved differently, which will result in some existing roles becoming redundant or leavers not being replaced,” a spokesman told Bloomberg in a written statement. He didn’t provide a number of possible job cuts.

He added that AGI aims to “future-proof our set-up and accelerate the growth of our business” in a dynamic industry.

While Pacific Investment Management Co. (PIMCO), also owned by Allianz, has long been a dominant force in the bond world, AGI has struggled to gain scale and risks falling further behind as rivals in Europe team up.

Allianz held on-and-off talks with France’s Amundi SA about a potential deal involving AGI, Bloomberg reported in December.

Photograph: Pedestrians climb a flight of steps at Martin Place in the central business district in Sydney, Australia, on Friday, Jan. 11, 2019. Photo credit: Lisa Maree Williams/Bloomberg.