ADAM gains E9bn and changes name
EUROPE – Allianz Dresdner Asset Management, recording a nine billion-euro net asset inflow in the first half, has announced that it will change its name.
ADAM, the asset management arm of Allianz, said it would change its name to Allianz Global Investors.
“The new name serves three purposes: it reinforces the strong connection to Allianz Group as an integrated financial services provider and demonstrates Allianz’s commitment to asset management,” said chief executive Joachim Faber.
“It highlights the global scope of our client base and network and underpins the focus on what the firm is all about – investing.”
The group’s subsidiaries - PIMCO, RCM, Oppenheimer Capital, NFJ, Nicholas-Applegate, AHFP and PEA - will keep their brand names. The retail business will “move towards” the Allianz Global Investors name globally.
“The goal is to complete the brand roll-out by the end of the first quarter 2005,” the firm said.
The announcement came as the unit reported net inflows of nine billion euros in the first half. The operating result rose to 361 million euros from 320 million euros a year ago. It said: “ADAM manages 753 billion euros as of June 2004.”
"These figures clearly demonstrate that we have a sound strategy and business model in place,” Faber added. "We have evolved our distinctive business model and these impressive results show that it works. We rank among the world’s most successful investment management groups, in terms of operating earnings growth and net inflows".