GERMANY - The Allianz group has created Allianz Corporate Pension Advisors (ACPA) to serve exclusively as pension consultant and service provider for large companies.

Allianz SE, Allianz Global Investors and insurance branch Allianz Lebensversicherung have joined forces to create ACPA, which will serve the group's top 200 corporate clients.

Jörg Braun of Allianz Lebensversicherung and Michael Schütze of Allianz Global Investors will head the new unit, serving as managing directors.

Other pension-related units in Allianz Group - including Allianz Pension Partners, RiskLab and All Net - will remain unchanged as "specialist units" and not be integrated within ACPA, an Allianz spokesperson told IPE.

ACPA's remit will be to help large companies to find the right asset management and life insurance solutions for their individual pension liabilities using Allianz's full service and product spectrum.

James Dilworth, chief executive at Allianz Global Investors Germany and a member of ACPA's executive committee, said: "In the wake of the financial crisis and changes in the accounting standards, pensions management has become a central growth driver for the companies."

The executive committee will consist of board members from the companies taking part in the joint venture: Elizabeth Corley, chief executive at Allianz Global Investors Europe Holding; James Dilworth, chief executive at Allianz Global Investors Deutschland; Maximillian Zimmerer of Allianz Lebensversicherung; Michael Hessling of Allianz Lebensversicherung and Oliver Wohlgemuth, chief operating officer at Global Life of Allianz SE.