NETHERLANDS - Allianz Netherlands Asset Management (ANAM) is to be integrated into Allianz Global Investors Investments Europe, with the latter assuming responsibility for the management of Allianz fixed income, equity and balanced assets totalling €6bn ($8.6bn).
Rotterdam-based ANAM is the third portfolio management team to be integrated into AllianzGI Investments Europe from an Allianz entity since its launch in May 2010 and joins teams from Zurich and Munich (Aequitas GmbH) alongside its initial hubs in Paris and Milan.
From 1 July equity portfolio manager Mark Reinalda will co-head the AllianzGI Europe Netherlands branch in Rotterdam, overseeing the local portfolio management activities together with Hedwig Peters, who is responsible for the fiduciary management business in the Netherlands.
ANAM chief executive Marc Strijbos said he was confident in the choice of AllianzGI Investments Europe and added Allianz Netherlands Group would focus on strategic investment management and banking.
AllianzGI Investments Europe chief executive Giovanni Bagiotti added: "This is the third portfolio management team that has been integrated into AllianzGI Investments Europe from an Allianz entity since we started last year. We have been working very hard to gain trust from within the group, and our business is gaining momentum throughout Europe thanks to our track record and the robust nature of our investment process."
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.