Allianz Global Investors plans to integrate its international business units and create three European hubs in London, Paris and Frankfurt to reduce costs.
“We want to reduce our cost-income ratio of currently around 75%,” James Dilworth, CEO of Allianz Global Investors Europe, said at a news conference in Frankfurt on Tuesday. “To achieve that, we not only want to cut costs but also increase income.”
Allianz Global Investors is part of the Allianz Asset Management, led by management board member Jay Ralph. The larger entity also includes Pacific Investment Management Co., which runs the world’s largest bond mutual fund. Allianz gave PIMCO greater independence last year by separating it from its other money managers.
Allianz Global Investors Europe recorded net inflows of &euro1.2 billion ($1.5 billion) in the first quarter of the year, Mr. Dilworth said at the news conference. The money manager plans to further reduce its product range in Europe, he said.