German insurer Allianz has rearranged its asset management business with effect from January, giving Pimco, its fixed income management subsidiary that represents about three-quarters of Allianz's €1.4 trillion of assets under management, the power to distribute its own products. Until now, Pimco's distribution has been handled by the group. Allianz has also given the name Allianz Global Investors to the remainder of its asset management business, which will be integrated and led by Elizabeth Corley, chief executive of Allianz Global Investors Europe; and it has changed the name of the group from Allianz Global Investors to Allianz Asset Management. A spokesman for Allianz Global Investors said: "It's about building two distinct businesses, each with the scale and opportunity to tailor services - in particular solutions - to clients' needs."

Asked if this development was a step towards Pimco spinning off, the spokesman said: "No, not at all. Pimco is an integral part of Allianz's asset management business. The changes simply recognise that two distinct businesses have emerged over the past decade, each with substantial scale and global reach. On the one hand, Pimco, with its origins in fixed income and a top-down, macro economic approach, has been expanding its business geographically and by asset class. The Allianz Global Investors business has a more bottom-up, equity-based culture and has been coming together over time."