FRANCE - Allianz Dresdner has merged its French asset management operations into one entity in order to strengthen its market position.
The new entity, AGF Asset Management, has now started trading and has nearly EUR54bn under management, making it one of France's largest fund managers.
Allianz claims the two former organisations have each contributed their respective strengths in terms of size, expertise and customer approach to the new firm.
According to Allianz, the merger of AGF with Dresdner RCM Gestion will initially involve a lease-management arrangement for Dresdner's activities, followed by the merger of the two firms. The merger is part of AGF's plans to become a global financial services group, encompassing life insurance, banking services and asset management.
By Geoffrey Ho
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