Allianz Dresdner Asset Management (Adam) has shut its Swiss subsidiary in Zurich following the closure of the only fund managed out of the Swiss office.

Following the merger of Allianz and Dresdner Bank's asset management units, several offices have been combined. Their Luxembourg office now operates under the Adam name and the workforce has been integrated into one operation. The firm has 80 investment and money market funds with €11bn ($11.56bn) in assets and 28 fund of funds with assets totalling €4.2bn.