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Tuesday, November 16, 2010

Allianz Global Investors CEO Sees No Need to Make an Acquisition

Reported by Armie Margaret Lee

Do not expect Allianz Global Investors to be making acquisitions any time soon. AGI CEO Joachim Faber, whose stable of asset managers include Pimco, RCM and AGI Capital, says he does not see the need to stir things up with a purchase.

"We have a wonderful team producing consistent alpha, both on the Pimco side as well as on the RCM side, AGI Capital, and our solutions business is really very good," Faber told The MFWire.com on the sidelines of Fund Forum in Boston earlier this month.

"Therefore, I don't see the necessity to really now stir it up and bring another company in or bring a big change in our portfolio management team because as much as we obviously all believe in change, change is certainly the enemy of a stable, good-performing, sustainable alpha production," he said in an interview.

Munich-based Faber's appearance at Fund Forum marked the first time that he spoke at a U.S. conference. He spoke at a panel that included Roger Servison, president of strategic new business development at Fidelity.

In the interview, The MFWire.com also asked Faber about what drove the plan, which will be implemented early next year, of having Pimco set up its own broker- dealer (for details on the plan, see The MFWire.com article from August).

Faber said the move was AGI's response to client feedback.

"We had a consultant do an in-depth analysis of our clients," Faber said. "We found out that although as you probably have gathered from the numbers, our business is thriving with great success and from a qualitative point of view, our people were doing a great job and operationally they were great, it was perceived by the clients as complicated to access and to talk to us because we have different administration."

"So it was important for us to respond to this and that's what we did," he continued. "All the Pimco funds will be sold by one b-d, which also now has one administration platform."

Allianz Global Investors Distributors, meanwhile, will continue to sell offerings from AGI Capital, RCM and the solutions business. 

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