Allianz to Bring $1 Bln to Its Russian Subsidiary
Allianz ROSNO Asset Management has endorsed a development strategy with plans raise $1 billion with the help of its new owner, Germany’s largest insurer Allianz. If the project is a success, Allianz ROSNO will enter Russia’s top three of asset management companies.
Allianz AG investment and insurance company bought 97 percent in the ROSNO insurer last week. ROSNO is the sole owner of Allianz ROSNO Asset Management. Oleg Mazurov, director general of the company, says: “Some clients of Allianz, chiefly insurance companies and pension funds, will now be able to put up to $1 billion in our company by the end of the year.”
Allianz AG is the world’s leading financial group with subsidiaries in 70 counties which manage more than ˆ1 trillion.
Allianz ROSNO Asset Management was set up in 2004 following a partnership deal between Allianz and Russian Sistema.
If Allianz ROSNO’s new strategy is a success, this will be Russia’s major drawing of foreign investments. Troika Dialog and Renaissance Capital are so far the only Russian companies which manage such large funds ($1 billion). However, it took them several years to reach the highs.
www.kommersant.com
All the Article in Russian as of Feb. 28, 2007
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