Allianz SE has briefly halted talks with Amundi SA over combining its Allianz International Buyers asset administration arm with the French firm.
The 2 sides have been unable to agree on a deal construction, together with management of the mixed entity, in accordance with an individual with data of the matter, who requested to not be recognized as a result of the discussions are non-public. The Monetary Instances reported earlier that the discussions have been placed on maintain.
The “asset administration enterprise line is strategically integral to Allianz,” a spokesperson for the Munich-based monetary companies firm mentioned in an e-mail, and it could solely contemplate inorganic development alternatives that improve its publicity to asset administration. He declined to remark past the assertion.
An Amundi spokesperson declined to remark.
Allianz and Amundi have been holding talks on-and-off for a number of months a few deal for the unit, Bloomberg reported [last] week. AGI had €555 billion ($587 billion) of property below administration on the finish of June, in accordance with its web site.
Amundi Interested in Buying Allianz Global Investors
Rising prices and stress on charges are prompting asset managers to hunt higher scale. Lots of the greatest gamers in Europe are nonetheless owned by banks or insurers, and infrequently lack the heft to compete with US fund homes and different funding corporations which have loved breakneck development lately.
Allianz has its capital markets day on Dec. 10, throughout which executives together with Chief Government Officer Oliver Baete will present updates on mid-term technique and targets.
{Photograph}: The workplaces of Allianz SE within the La Protection monetary district of Paris, France, on Thursday, Oct. 7, 2021. Photograph credit score: Photograph credit score: Nathan Laine/Bloomberg
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