SWITZERLAND - Allianz Dresdner Asset Management says it has opened an office in Zurich focused on institutional clients – saying a “dynamic change” is happening in the market.

The office will be headed by Christian Staub, who has been with Allianz for three years. “Switzerland is the one of the most highly developed markets in Europe for retail business and asset management,” the Allianz unit said.

“However, a dynamic change is also taking place here. Investors expect access to new products and new forms of investment, an even higher level of competence in advice, dependability and reliability.”

“In future, ADAM will be offering products and solutions directly from the Swiss market through a newly established subsidiary.

“The aim of this strategy is to develop more in-depth relationships with institutional investors and to acquire new clients.”

“We are extremely pleased that we have now created the conditions in Switzerland for this multi-value initiative,”
said ADAM chief executive Joachim Faber. “Our strength lies in developing solutions precisely tailored to the individual requirements of our clients.”

Separately, State Street Corp. said it has won a mandate from ADAM to provide investment operations services for 100 billion dollars in insurance assets under management.

“State Street will provide securities pricing, account performance calculations and review, account transitions, record retention and reporting, and daily position reconciliation services from its operations in Munich, Germany and Newport Beach, California,” the Boston-based firm said.