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Deals

Allianz GI will be "selective hunter" in M&A game - CEO tells paper

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau

MILAN (Reuters) - Allianz Global Investors, the investment management arm of German group Allianz, is evaluating opportunities for consolidation in the asset management sector, Chief Executive Tobias Pross told an Italian daily.

In an interview with Il Sole 24 Ore daily, Pross said Allianz GI could pursue deals “to widen or strengthen our client coverage, though only if there is clear and tangible value creation”.

“We’re potentially interested only in those opportunities that ... are consistent with our value proposition and the needs of our clients: we see ourselves as a hunter but a demanding and selective one,” he said.

Turning to Italy, where the German group operates through Allianz SpA and Allianz Bank, Pross said the goal was to grow the market share but without extraordinary transactions, while the number of strategic partnerships could rise instead.

Reporting by Valentina Za; editing by Agnieszka Flak

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