Allianz Global Investors has launched a Luxembourg subsidiary, which it plans to build into a European-wide presence in the investment fund ...

Allianz Global Investors has launched a Luxembourg subsidiary, which it plans to build into a European-wide presence in the investment fund business, according to various reports in European publications. The new subsidiary will be called AGI Europa and will be headed by Elizabeth Corley. It will coordinate distribution of investment funds for the European market. AGI chief executive Joachim Faber told German newspaper Handelsblatt that the asset manager aimed to raise investment fund assets from Europe ex-Germany to €100 billion ($118.6 billion). “Until now, we have concentrated on our home markets of Germany and the US, but from 2006 we are pushing into other markets,” he said. He added that by focusing on other markets, AGI had so far missed the chance of being “twice as big” in Europe as its US rival Fidelity Investments.