GERMANY- Allianz Global Investors announced assets under management for its German division fell 11% to €259bn ($331bn) at the in the year ended 2008.
Despite the drop in assets, Allianz had a slight gain in the German market share of 0.3%.
The drop in assets under management in Germany was mainly due to drops in market values but growth in the firm's institutional business helped stave off losses. Assets into "spezialfonds," mutual funds managed for institutional investors, totalled €5.1bn while investors poured €2.9bn into discretionary mandates.
Thomas Wiesemann, CEO of AGI Germany said: "We have always had a strong position with institutional customers, since we offer more than mere capital investment or the administration of customer assets. Our dynamic risk diversification products were extremely successful in the crisis ridden year of 2008."
The firm's mutual funds did not fare as well. Allianz reported €-9.9bn net inflows into mutual funds. Investors pulled €0.5bn out of equity funds but invested €3.1bn into managed funds of funds.
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