GERMANY / EUROPE - Allianz has claimed that it has taken at least 20% of Germany's new "Riester" pensions market, with board member Helmut Perlet hailing it as a "good starting position" for the firm.
Allianz has deemed its first year in the new German pension market as “successful”, and claims to have signed approximately 323,000 contracts to provide private and corporate pensions.
Perlet, responsible for controlling, accounting and taxes on the firm’s management board, said of Allianz’s prospects: “We are in a position to offer a wide range of products as an integrated financial services provider. That’s a good starting position in the new market for state-subsidised retirement provision.”
Following the integration of Dresdner Bank’s operations into its own, total assets under management rose from EUR713bn to EUR1.2tr. Allianz Dresdner Asset Management (ADAM), the fund management umbrella organisation ran EUR616bn for outside investors during 2001, of which EUR211bn was derived from the acquisition of Dresdner.
ADAM includes US managers Pimco and Nicholas Applegate, Dresdner RCM Global Investors and Oppenheimer Capital. Allianz bought out two firms in 2001; the $1bn acquisition of Nicholas Applegate was completed in January and it bought the 80% of Dresdner it did not already own in July for $20bn.
By Geoffrey Ho
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