Do not expect Allianz Global Investors
to be making acquisitions any time soon. AGI CEO Joachim Faber
, whose stable of asset managers include Pimco
, 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
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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