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Allianz move

German insurance group Allianz, with assets exceeding DM600bn, is developing an asset management arm for third-party customers, as part of its core business.

And agreement has been reached with Dresdner Bank to operate a joint venture scheme in the asset management field, where costs are most high.

The new project, named ADAMhas potential foreign targets for its mutual fund and retirement provision arm to include France, Spain and Italy, where the company will set up common service and accounts centres.

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