Allianz Asset Management Holding Co For Pimco, Global Investors
06 September 2011 - 10:02PM
Dow Jones News
German insurer Allianz SE (ALV.XE) said Tuesday it will group
PIMCO and Allianz Global Investors in a new holding company named
Allianz Asset Management.
MAIN FACTS:
-The changes follow the development that began in the US market
last year when the distribution of PIMCO and Allianz Global
Investors products was separated, allowing them to better defined
offerings directly to clients.
- PIMCO will continue to be led by Bill Gross and Mohamed
El-Erian.
-The significant scale of Allianz's asset management business,
now with EUR1.4 trillion assets under management, has been driven
by the outstanding, consistent growth of PIMCO since it became part
of Allianz more than 11 years ago.
-Allianz board member Jay Ralph will become chairman of Allianz
Asset Management on Jan. 1, 2012.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500