Refile: EXCLUSIVE-Allianz weighs options for AllianzGI unit, sources say

Voya Financial

24/10/2024 16:45

(Clarifies sourcing in paragraph 7)
    By Amy-Jo Crowley, Alexander Hübner, Andres Gonzalez and
Anousha  Sakoui
       LONDON, Oct 24 (Reuters) - Allianz  ALVG.DE  is weighing
options for its Allianz Global Investors unit, including a
possible merger or partial sale of the division, four people
with knowledge of the matter told Reuters, in a move that would
give the business greater scale.
    AllianzGI, which oversees 555 billion euros ($560 billion)
of assets according to its website, could be valued at more than
4 billion euros, including debt, one of people said. 
    Allianz could consider giving up control in such a move,
that person and a second one said. The people were speaking on
condition of anonymity because the matter was private.
    It is one of Europe's biggest insurers and also owns asset
manager Pimco. The Pimco business is not part of the
discussions, according to the sources.  
    A spokesperson for Allianz declined to comment.  
    The considerations come on the heels of BNP Paribas'
decision to buy AXA Investment Managers for more than 5 billion
euros, a transaction that bankers expected would spur more
dealmaking. Credit Agricole-owned Amundi was also vying for the
unit, Reuters reported.
    Amundi and Germany's DWS would be logical candidates for any
deal, one of the people and a fifth one said. Amundi and DWS
declined to comment.    
    AllianzGI sold its U.S. division to investment manager Voya
 VOYA.N  after the unit pleaded guilty to fraud and paid a $6
billion settlement with U.S. authorities in 2022.  
    In August, the overall Allianz group posted better than
expected second quarter net profit and said it was on track to
meet its full year target. 
    Over the past decade, Allianz has outperformed some its main
competitors and Germany's main stock index. In the first half of
2024, Allianz reported net inflows of 48 billion euros of client
funds into its asset management business, of which only a small
fraction went into AllianzGI, at around 3 billion euros.
($1 = 0.9263 euros)

 (Reporting by Amy-Jo Crowley, Alexander Huebner, Andres
Gonzales and Anousha Sakoui. Additional reporting Emma-Victoria
Farr, David French, Tom Sims and Mathieu Rosemain. Editing by
Elisa Martinuzzi, Elaine Hardcastle)
 ((anousha.sakoui@thomsonreuters.com;))