Commerzbank has agreed with Allianz Global Investors (AllianzGI) to extend their partnership with retail and wealth management clients in Germany, first introduced in 2008, with a view to the long-term.
AllianzGI will act as Commerzbank’s “strategic product partner”, specifically within the multi-asset space. Allianz’s multi-asset products on offer played an important role in the agreement, according to the firm.
AllianzGI will be responsible for dealing with the “Vermoegensmanagement" range of funds.
Assets under management in this range have increased to €21.5 billion, with AllianzGI managing a total of €83.2 billion in multi asset investments throughout Europe.
“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”, said Michael Mandel, Commerzbank’s board member for retail business.
Both businesses have agreed to take the partnership further, moving beyond sales to also focus on developing digital investment solutions together.
“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,” said Tobias Pross, global head of distribution at AllianzGI.
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