Allianz Global Investors Seeks Cost Savings, Europe Head Says
“We want to reduce our cost-income ratio of currently around 75 percent,” James Dilworth, chief executive officer of Allianz Global Investors Europe, said at a press conference in Frankfurt today. “To achieve that, we not only want to cut costs but also increase income.”
Allianz Global Investors is part of the Munich-based insurer’s Allianz Asset Management, led by management board member Jay Ralph. The larger entity also includes Pacific Investment Management Co., which runs the world’s largest bond mutual fund. Allianz gave Newport Beach, California-based Pimco greater independence last year by separating it from its other asset managers.
Allianz Global Investors Europe recorded a net money inflow of 1.2 billion euros ($1.5 billion) in the first quarter of the year, Dilworth said during the press conference. The asset manager plans on further reducing its product range in Europe, he said.
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.