GERMANY - Cominvest, the asset management division of Commerzbank, now falls under the umbrella of Allianz Global Investors Germany following the completion of its takeover.

A statement issued by Allianz yesterday confirmed the Cominvest group now operates as legally independent entities of Allianz, to give the firm assets under management of over €300bn.

Allianz has begun the integration of the Cominvest divisions into the German operation of Allianz and new heads are being put in place to oversee its operations.

Olvier Clasen, currently managing director of Allianz GI KAG, will join the Cominvest board and take on responsibility for institutional business - which includes assisting pensions funds - while Wolfgang Pütz, managing director of Allianz Global Investors Deutschland GmbH, will look are the planning and implementation of integration activities.

Cominvest currently provides pensions support services to Hewlett-Packard, Nordrheinische Aerzteversorgung (NAEV), Degussa Pensionskasse, Cark Schenke, Dynamit Nobel and HE Troplast VvaG Pensionskasse, according to

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