Allianz today announced plans to merge its German institutional and retail mutual funds businesses by the end of the year into a new investment management company, Allianz Global Investors KAG, with $219 billion in assets, according to a news release. U.S. affiliates are not affected, said Allianz spokeswoman Sabia Schwarzer. The newly formed unit will have $105 billion in institutional assets, $75 billion in retail assets, $24 billion from AGI Advisory and $14.6 billion from PIMCO Europe. The merger will not result in staffing reductions or management changes, the news release said.
"With this organizational step and the new brand image, Allianz Global Investors is strengthening its position in fund business, particularly against the background of increasing convergence between mutual funds and institutional fund business," according to the news release.