Allianz Global Investors, the
smaller of the two asset managers owned by German insurance giant Allianz SE, i
s cutting some roles as it looks to make changes to its organizational structure.
“Some tasks and element
s of our operation may no longer be required or can be achieved differently, which
will result in some existing roles becoming redundant or leavers not being replac
ed,” a spokesman told Bloomberg in a written statement. He didn’t provide
a number of possible job cuts.
He added that AGI aims
to “future-proof our set-up and accelerate the growth of our business” in a dynamic industry.
While Pacific Investment Management Co. (PIMCO), also owned by Allianz
, has long been a dominant force in the bond world, AGI has struggled to gain scal
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e and risks falling further behind as rivals in Europe team up.
Allianz held on-and-off talks with France’s Amundi SA about a potential deal in
volving AGI, Bloomberg reported in December.
Photograph: Pedestrians climb a flight of steps at Martin Place in the centra
l business district in Sydney, Australia, on Friday, Jan. 11, 2019. Photo credit: Lisa Maree Williams/Bloomberg.
