Asset Management: Allianz wants other people's money
The decision by Allianz to launch an asset-management subsidiary on July 1 had been well trailed. But it still managed to raise a few eyebrows in the German financial community. There have been persistent rumours that an asset management cooperation between Allianz and its largest shareholder, Dresdner, is imminent.
Neither side denies that discussions have taken place about future cooperation. Henning Shulte-Noelle, Allianz's chief executive, has described "intensive talks".
If a merger happens, where does it leave Allianz? Dresdner RCM Global Investors' product is arguably more advanced. It has already won the approval of consultants for the speed at which the businesses have been integrated. It has won institutional mandates in the US and UK, markets Allianz concedes it cannot break into as yet.
Reiss is tight-lipped on the issue and will only say that Allianz will continue with its business plans regardless of any other discussions that take place. German sources talk of a power struggle within Allianz. Joachim Faber, chief financial officer, is said to be against a link-up. His joint CFO, Diethart Breipohl, has not ruled it out but is believed to be only "lukewarm" on the idea.