Thomas Puetter of Allianz Capital Partners has won the battle for control of Allianz and Dresdner's combined private equity businesses, despite his group's €100m ($89m) dent to the insurer's profits.

Allianz confirmed its profits had been hit by the €100m write-off of its investment in Fairchild Dornier, the insolvent German plane manufacturer. Net profits for the group are down to €1.6bn from €1.7bn reported in its preliminary statement in February.