June 26 (Bloomberg) -- Allianz Global Investors, a unit of Allianz SE, plans to integrate its international business units and create three European hubs in London, Paris and Frankfurt to reduce costs.
“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 email@example.com