German financial services giant Allianz is set to complete its integration with Dresdner Bank's asset management business with three senior appointments.
The firm expects the deal to be sealed by the end of July which will form Allianz Dresdner Asset Management (ADAM) - the world's third-largest investment house with about EUR1trn under management.
Allianz’s Joachim Faber is appointed chief executive, and Dresdner’s Joachim Madler will be the new entity’s deputy chairman.
William Thompson from Allianz's US subsidiary Pimco Advisors will head global bond investment and William Price from Dresdner's San Francisco-based RCM will be responsible for stock investing. Udo Frank, from Allianz's investment business has been appointed deputy head of stock investing.
By Madhu Kalia
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.