German financial services Allianz is targeting European high net worth investors with the launch of a new subsidiary, Allianz Global Investo...

German financial services Allianz is targeting European high net worth investors with the launch of a new subsidiary, Allianz Global Investors Europe. The business will be based both in Munich and London. The new unit will act as a sales and distribution channel for asset management and life insurance products in the major European markets. It will be headed by Elizabeth Corley, who joined Allianz earlier this year from Merrill Lynch Investment Management, where she was head of distribution for Europe, the Middle East, Africa and Asia Pacific. Allianz owns Dresdner Bank, which has a private banking franchise in Germany through Dresdner Private Bank and Kleinwort Benson Private Bank in London. Dresdner’s long-awaited expansion of its private banking business would be likely to dovetail with Allianz Global Investors according to analysts.