German financial services group Allianz AG is to join its asset management business with Dresdner Bank.
The group posted details about its takeover of Dresdner Bank - the country’s second largest - alongside it annual results.
The new Allianz-Dresdner Asset Management Group (ADAM) will have access to the know-how and services of Dresdner RCM, DIT, and Allianz subsidiaries, PIMCO, Nicholas Applegate, Allianz Asset Management, Cadence, Oppenheimer Capital, NFJ, PIMCO Equity Advisors, and DBI - bringing total assets under management to over EUR1,000bn and worldwide customers to 50 million.
Development, production and sales support will be structured globally, and sales and customer management is expected to organised locally, said Allianz.
At a press conference held in Munich Allianz said that the move would incur some jobs losses in Germany. A spokesman for the firm was unable to confirm the number of losses and in which areas these would be.
Allianz expects the takeover to be completed by the end of July.
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