Allianz and Dresdner Bank restructure PE

A year on from the merger of German insurer Allianz and Dresdner Bank, the group has revealed plans for combining its private equity businesses. However much remains unclear. The Allianz and Dresdner operations will be amalgamated to form Allianz Private Equity Holding, headed by Thomas Putter, managing director of Allianz Capital Partners.

Allianz says the new organisation will co-ordinate investment strategies, central reporting and controlling while each unit will retain independence at an organisational level. “Pooling our know-how and having confirmed investment criteria will enable us to exploit the long-term growth opportunities even better for the benefit of the Allianz Group,” said Putter. The new group employs 200 people mainly in the US and Europe, and manages investments of EURO6.5 billion. Allianz will continue to manage Dresdner’s funds raised from third party investors but will not be raising any more money from outside of the group. A spokesman said the group will be increasing the volume of its investments but no specific figures have been decided yet. The future role of Christopher Wright, who has held the position of global head of Dresdner Kleinwort Capital (DrKC) for five years, also remains undetermined. DrKC in the UK said that he was still with the group but his new role had not yet been confirmed.

Three new groups will be created within Allianz Private Equity Holding. Direct Private Equity will be formed around Putter’s four-year old Allianz Capital Partners unit. The division will handle equity and mezzanine investments in acquisitions, MBOs, restructuring, privatisations and growth situations. Specialised Investments will include investments with a specific geographical or sector focus, such as those made by Allianz Venture Partners. It was launched in February this year to make venture capital investments in the financial services sector. The life science and technology teams of DrKC, Elderstreet Investments and Energy Investor Funds Group will also be included in this group. It will be managed by Andrew Cowley, currently managing director and head of investment strategy at DrKC. Helmut Wimmer of Allianz will head the third group. Fund-of-Funds will incorporate Allianz Private Equity Partners and Dresdner’s fund-of-funds activities.