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September 1, 2013 6:59 am
Allianz Global Investors has reduced its staff by 150 after launching a strategic overhaul to streamline its business and win new assets. The reduction brings headcount to 2,650 employees.
The German fund house said it had decided to outsource a greater number of IT, middle and back-office roles. In some cases non-investment focused staff have relocated in Allianz Group, a spokesperson for the company said.
He added that although headcount has come down in the past 18 months, Allianz GI has expanded its roster of investment professionals in areas such as emerging market debt, multi-asset investing and infrastructure debt.
Elizabeth Corley, chief executive, said that such changes were “more than paying for themselves”. “Financial results have actually improved even though we are reinvesting,” she said.
Custody bank and service provider Northern Trust is one of the major beneficiaries of AGI’s corporate overhaul, picking up an outsourcing contract for AGI’s client reporting and middle office information services.
These staff changes come after AGI decided to reduce the number of corporate entities it has globally.
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