GERMANY - Major life insurer Allianz is planning to expand its European asset management focus beyond Germany with a French acquisition.
The company announced last week it had acquired the French AGF Asset Management, which will become Allianz Global Investors (France) on January 1 next year.
After Allianz' repurchase of minority shareholdings of AGF in July, AGF Asset Management has been integrated into Allianz Global Investors (AGI).
The move is part of plans to expand Allianz' European asset management operations.
A spokeswoman for AGI told IPE in a written statement: "We want to preserve and build on what we have achieved in Germany, and learn from Germany and diversify our business across Europe."
She added, however, Germany is still AGI's most important market in Europe, though the company wants to increase the importance of Allianz Global Investors in Europe.
AGI recently rolled out its Allianz European Pension product Europe-wide, having first offered it only in France and Germany.
Thomas Groffmann, head of European pensions at Allianz SE, told IPE Magazine in its November issue: "Our European product line has been rolled out to six countries and is based on local pension vehicles, but with innovative European elements, such as a standardised European investment concept and European reporting."
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