Asset Management: Allianz wants other people's money
Allianz says its move to third-party asset management will prompt it to unwind its large shareholdings in German companies, except in those instances where it holds them for strategic reasons.
"We will increasingly evaluate our investments solely on financial criteria," says Udo Frank. "I would be very surprised if in say comparing German companies with French ones, the Germans always come out as the most attractive. There will be a much more diversified European portfolio in the future than we have today."
Allianz defines a strategic investment as any holding that enhances its ability to distribute life and other insurance products. There has been speculation that Dresdner will merge its asset management operations with Allianz's. But their long-standing relationship, by which Allianz distributes life insurance through the bank, will remain unchanged. Allianz owns 21% of Dresdner Bank which in in turn holds 10% of Allianz.
As Udo Frank says: "We have a very close cooperation with Dresdner Bank and it is only one part to look at it as an equity investment because we have other relationships with them."