Fixed income manager PIMCO and insurance giant Allianz have launched a new business in Australia, Allianz Retire+ Powered by PIMCO, to deliver retirement income solutions.
PIMCO Australia and New Zealand head Adrian Stewart said the new business will combine PIMCO’s global investment management experience with Allianz’s global life insurance business.
“The industry has an obligation to work harder to solve the Australian retirement income challenge and last week’s federal budget announcement demonstrates the government’s commitment to developing a system that better supports Australians at all stages in their retirement,” Stewart said.
Allianz Australia managing director Richard Feledy said: “The significant demand for retirement income solutions is not limited to Australia. It is a global challenge that we should all be focused on solving.”
The new business is expected to create and fill more than 50 Sydney-based professional jobs in distribution, technology, actuarial, legal, operations, compliance, marketing and customer experience over the next year.
The group has retained an executive search firm to recruit a CEO. Stewart, who has led the collaboration since its inception in 2015, will act as CEO in the interim in addition to his current role.
The business is the first ever co-branded business between the two global firms.
Allianz manages over €650 billion on behalf of its insurance customers, while PIMCO manages US$1.77 trillion.