Allianz Considering Options for Allianz Global Investors

By Amy-Jo Crowley, Alexander Hübner, Andres Gonzalez and Anousha Sakoui

LONDON (Reuters) – Allianz is exploring options for its Allianz Global Investors unit, which may include a merger or partial sale to enhance its scale, according to four sources familiar with the situation.

AllianzGI manages approximately 555 billion euros ($560 billion) in assets and could be valued at over 4 billion euros, including debt, according to one of the sources.

There are suggestions that Allianz might consider relinquishing control in this potential move. These sources requested anonymity due to the confidential nature of discussions.

As one of Europe's largest insurers, Allianz also owns asset manager Pimco, which is not part of the current negotiations.

An Allianz spokesperson declined to comment on the matter.

This exploration follows BNP Paribas' recent acquisition of AXA Investment Managers for over 5 billion euros, a move expected to encourage further deals in the sector. Credit Agricole-owned Amundi has also shown interest in the unit, as reported by Reuters.

Amundi and Germany’s DWS are seen as potential candidates for any deal. Both firms declined to provide comments.

Previously, AllianzGI sold its U.S. division to investment manager Voya after the unit admitted to fraud and settled with U.S. authorities for $6 billion in 2022.

In August, Allianz reported stronger-than-expected net profits for Q2 and stated it is on track to meet full-year targets. Over the past decade, Allianz has outperformed its main competitors and Germany’s leading stock index.

In the first half of 2024, Allianz reported net inflows of 48 billion euros into its asset management business, though only a small part, around 3 billion euros, went to AllianzGI.

($1 = 0.9263 euros)