The new fund management business created by the merger of insurer Allianz and rival financial services group Dresdner Bank expects Germany's new personal pension plans to boost its revenues by €230m ($195m) a year by 2006.

Henning Schulte-Noelle, chairman of the board of management of Allianz AG, said on Thursday that Allianz Dresdner Asset Management (ADAM) would start selling Riester products through Dresdner branches from 1 July. Named after Germany's labour minister, these new personal pensions products were created by legislation earlier this month.

Allianz Dresdner funds unit to target new German pensions

William Hutchings

Allianz

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