EUROPE - Johann Goldbrunner, head of dbi, Allianz’s institutional fund business in Germany, will be appointed head of Europe for Allianz Global Investors (AGI), effective January 1, IPE has learned.

The appointment of Goldbrunner is part of the construction of AGI, a new holding company for Allianz’s global asset management activities.

Previously, these activities were loosely organised under the now-defunct brand name of Allianz Dresdner Asset Management (ADAM). Dbi and dit, Allianz’s retail fund business in Germany, were among these activities.

According to sources familiar with AGI, the holding company will have three separate asset management divisions, including one for Europe, one for the US and one for Japan and Asia. Goldbrunner and the executives in charge of the other divisions will report to Joachim Faber, AGI’s chief executive.

Dbi and Allianz declined comment on the developments.

However, in an interview with IPE in October, Faber disclosed several preliminary details regarding AGI’s structure. For example, Faber said Allianz’s retail fund business would fall under the AGI brand name. PIMCO, RCM, Oppenheimer Capital, NFJ, Nicholas-Appelgate, AHPF and PEA would, meanwhile, keep their brand names, he added.

Regarding the changing of ADAM’s name to AGI, Faber said: “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.”

Faber added that Allianz aimed to complete the construction of AGI by the end of the first quarter 2005.

AGI’s emergence follows a somewhat disappointing third quarter for Allianz’s asset management activities. For the quarter, it posted a net loss of 191 million euros, though it stayed profitable at the operating level.

The division also managed to gain net inflows of 14 billion euros, which helped bring total third-party assets under management to 592 billion euros.

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