Allianz GI and Commerzbank renew distribution agreement
The German banking group Commerzbank will continue to distribute the funds of Allianz Global Investors, the asset management arm of the insurance group Allianz. Allianz GI will be Commerzbank’s strategic distribution partner for active strategies, diversified funds in particular. Allianz GI’s funds of funds have been a hit at Commerzbank’s some 1000 branches, with about €21.5bn in AuM.
The partnership between the two houses goes back to when Dresdner Bank was still part of the Allianz group. Allianz sold Dresdner Bank to Commerzbank in 2009. If Deutsche Bank and Commerzbank had merged, which the two banks ultimately decided not to do, DWS would probably have taken over from Allianz GI as the distribution partner.
As Deutsche Bank and Commerzbank ultimately did not merge, Allianz GI and Commerzbank served notice of their plan to extend their parentship and work on digitalising their offering. Since early 2018, Commerzbank has also had a new partner, BlackRock.