Commerzbank and AllianzGI extend long-term partnership
Commerzbank and Allianz Global Investors have agreed to extend their premium partnership with retail and wealth management clients in Germany, introduced in 2008, with a long-term view.
"We are pleased to be able to continue to operate with such a strong partner in the investment business in the future," said Michael Mandel, Commerzbank's Board Member for Retail Business. "Our customers have benefited from AllianzGI's wealth management and market expertise for ten years. Together, we want to further develop the products and services we offer our customers".
Tobias C. Pross, global head of Distribution at Allianz Global Investors, added: "Commerzbank's strong position in the retail segment and our clear positioning as an active fund manager are an excellent starting point for further increasing our market share."
AllianzGI will be Commerzbank's ‘strategic product partner', in particular in the multi asset space, and will be responsible for the management of the "Vermoegensmanagement" range of funds. For Commerzbank, the quality of AllianzGI's multi asset products was an important factor in the agreement, underscored by the many award-winning funds in the "Vermoegensmanagement" family. The Assets Under Management in this range has risen to €21.5bn, with AllianzGI managing a total of €83.2bn in multi asset investments in Europe.
The existing partnership has helped AllianzGI develop into a market leader in multi asset investing, Pross continued: "Our explicit goal is to further expand this part of the business, building on the solid foundations that have helped us establish market leadership. This is a partnership that is set for joint growth".
For that reason, the two partners have agreed to move beyond the scope of the previous successful sales partnership and will now also develop digital investment solutions together. To this end, they will jointly make investments in the double-digit millions. Pross added: "We will invest massively over the next decade to always be able to offer Commerzbank clients solutions that are market-leading in every respect".
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