Allianz Global Investors have scrapped its US-based Allianz Private Client Services group, according to reports in the US press. Julius Nico...

Allianz Global Investors have scrapped its US-based Allianz Private Client Services group, according to reports in the US press. Julius Nicolai, the chief executive of Allianz PCS has joined Pinnacle International, an investment management company. Allianz said the closure was due to a strategic move to concentrate on institutional asset management. Allianz PCS managed around $575 million of assets. Mr Nicolai has taken three other staff with him from Allianz PCS, according to the reports.