We would like to inform you of some developments in the evolution of our business. These changes, which will take effect January 1, 2012, will position us to deliver even better services to clients.
Allianz SE is creating a new organizational structure—with a newly named holding company—that will more clearly define two discrete investment management businesses: Allianz Global Investors and PIMCO. Both asset management businesses will have substantial scale and the opportunity to further develop their distinctive businesses globally. We believe this new structure will enable both businesses to best tailor products and solutions to meet their clients’ needs.
These changes are global in scope and follow what began in the U.S. market last year, when the distribution of Allianz Global Investors and PIMCO products was separated.
Going forward, Allianz Global Investors will build a more integrated business globally and we will work more closely with our Allianz Global Investors affiliates in the U.S. under a common leadership team headed by Brian Gaffney. As you may know, Brian is currently Chief Executive Officer of Allianz Global Investors Distributors, which is responsible for retail distribution for NFJ, RCM, AGI Capital and AGI Solutions.
It’s important to note that the diversity of investment styles and approaches of our individual investment management firms and their investment teams will remain unchanged.
We are confident that this new structure will help us better serve our clients and will result in a broader range of product solutions.
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