Allianz Global Investors, parent of PIMCO and Nicholas-Applegate Capital Management, is looking to acquire other asset managers, said Marna Whittington, COO of Allianz Global and CEO of Nicholas-Applegate. She would not identify specific asset managers AGI may be targeting.
In an interview today after a news conference in London on Allianz Globals financial results, Ms. Whittington said the recent credit turmoil may result in buying opportunities. We do have our eyes open, she said. We do think theres going to be opportunities out there in terms of products and in terms of talent. Were quietly looking.
Allianz Global reported overall assets under management increased 10% to €725 billion ($1.1 trillion) in 2007. Net asset inflows were strongest in fixed income, at €11.7 billion, while equity strategies saw a net outflow of €200 million. Assets under management included a €52 billion increase because of market returns.