FRANKFURT Jan 30 A year after launching its twin-track asset management strategy, Europe's biggest insurer is pleased with the success of its PIMCO and Allianz Global Investors brands and expects further growth, an Allianz board member said.
"The new model has turned out to be a success not just from a business standpoint but most importantly from the clients' perspective," said Jay Ralph, who oversees the insurer's investment arm.
The division had 1.8 trillion euros ($2.43 trillion) in assets under management at the end of the third quarter and delivered around one third of the group's operating profit.
When the new structure was launched in January 2012, Allianz said it would allow each brand to tailor its products to best meet its clients' needs.
However, the two asset management engines are of completely different sizes, prompting some analysts and competitors to wonder how long Allianz will permit both to operate in a tough trading environment where large scale and low costs are primal.
Deutsche Bank, for example, is taking the opposite tack, bundling all its services for retail and institutional clients onto a common platform to save costs.
"We have no intention of divesting either one of our two investment managers," Ralph said in written answers to questions from Reuters, adding that customer reaction to Allianz's strategy has been positive. ($1 = 0.7420 euros) (Reporting by Jonathan Gould; Editing by Victoria Bryan)