EUROPE - Allianz PIMCO Asset Management (APAM) is reshaping its European investment management business in a move it says will introduce best practice and avoid marketing conflicts across the continent.

Joe McDevitt, director of PIMCO Global Advisors, comments: ” We have Allianz Asset Management in Germany, AGF Asset Management in France and RAS Asset Management in Italy and what we are doing is establishing the focus of the respective offices.”

McDevitt says APAM’s London office will now market solely to the UK, the Netherlands, the Nordics and the Swiss markets.
” The reason is that these markets have funded pension schemes and typically use consultants.
” However, in terms of sales for these areas, the direct point of contact will be the Allianz or AGF sales force.”

Fixed-income marketing for APAM will remain Mcdevitt’s remit: ” I will be staying in London, but working directly with the sales groups within the other companies and in conjunction with our teams to support and service the business.”

In a mirror-like arrangement, Bastian Schmedding, head of institutional marketing at Allianz Asset Management in Munich will oversee the equity side of the business.
” Bastian will be the marketing head of Europe and will be working with ourselves here in the London office to position Allianz related equity products.
” It is not a restructuring it is more of an evolution of what we have at present.”

He adds that the reshuffle has already borne the fruit of new business in France.
” We have picked up a new mandate in France, which we wouldn’t have had without AGF for their local contacts and knowledge. At the same time AGF wouldn’t have got it alone because the fund was using a global consultant for selection, so the only managers considered were those that had the global recognition from a big consultant but also a local capability.”

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