By Amy-Jo Crowley, Alexander Hübner, Andres Gonzalez and Anousha Sakoui
LONDON (Reuters) -Allianz is weighing choices for its Allianz (ETR:) International Traders unit, together with a doable merger or partial sale of the division, 4 individuals with information of the matter advised Reuters, in a transfer that may give the enterprise better scale.
AllianzGI, which oversees 555 billion euros ($560 billion) of belongings in accordance with its web site, might be valued at greater than 4 billion euros, together with debt, one in all individuals mentioned.
Allianz may take into account giving up management in such a transfer, that individual and a second one mentioned. The individuals have been talking on situation of anonymity as a result of the matter was non-public.
It’s one in all Europe’s largest insurers and in addition owns asset supervisor Pimco. The Pimco enterprise is just not a part of the discussions, in accordance with the sources.
A spokesperson for Allianz declined to remark.
The issues come on the heels of BNP Paribas (OTC:)’ determination to purchase AXA Funding Managers for greater than 5 billion euros, a transaction that bankers anticipated would spur extra dealmaking. Credit score Agricole-owned Amundi was additionally vying for the unit, Reuters reported.
Amundi and Germany’s DWS can be logical candidates for any deal, one of many individuals and a fourth one mentioned. Amundi and DWS declined to remark. AllianzGI offered its U.S. division to funding supervisor Voya after the unit pleaded responsible to fraud and paid a $6 billion settlement with U.S. authorities in 2022.
In August, the general Allianz group posted higher than anticipated second quarter internet revenue and mentioned it was on observe to satisfy its full yr goal.
Over the previous decade, Allianz has outperformed some its primary rivals and Germany’s primary inventory index. Within the first half of 2024, Allianz reported internet inflows of 48 billion euros of consumer funds into its asset administration enterprise, of which solely a small fraction went into AllianzGI, at round 3 billion euros.
($1 = 0.9263 euros)
