IG Metall, the German metal industry trade union, and Gesamtmetall, the engineering industry employers association, are in negotiation with several asset managers and insurers, including Allianz, for a mandate to manage their occupational pension assets.

A spokesman at IG Metall stressed that Allianz is one of many firms under consideration, but declined to name any of the other contenders. A decision is expected in mid-December.