(Bloomberg) -- Allianz SE is considering options for its Allianz Global Investors unit as the German insurer seeks to grow its asset management business, according to a person familiar with the matter.
The early-stage considerations may include tie-ups and partnerships, the person said, asking not to be identified because discussions are private. Allianz doesn’t currently plan a full or majority sale, the person said.
Reuters reported earlier that Allianz is weighing options for Allianz GI, including a possible merger or partial sale of the division, citing people with knowledge of the matter. The German insurer could consider giving up control in such a move, some of the people said. Asset manager Pimco, which is also owned by Allianz, is not part of the discussions, Reuters said.
A representative for Allianz declined to comment
Investment firms across the globe are consolidating as the industry moves toward passive products and lower prices. BNP Paribas SA earlier this year bought Axa SA’s asset management unit and Europe’s largest asset manager, Amundi SA, has also been snapping up rivals. Goldman Sachs Group Inc. in 2021 purchased the asset management arm of Dutch insurer NN Group NV.
Allianz GI, which had €555 billion in assets under management at the end of the second quarter, is focused on active asset management.
Allianz is scheduled to report third-quarter results on Nov. 13. Second-quarter earnings beat analysts’ estimates on stronger income from the life-health insurance and asset management businesses.
Allianz GI could be valued at more than €4 billion including debt, according to the Reuters report.
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