Does the Allianz Global Investors model have advantages for distribution?
Faber: Yes, it clearly does. Allianz Global Investors focuses on regional expertise with a global reach. Therefore, our clients know that their local investment managers can tap into the know-how of a global network of diversified asset management business. For example, in the US retail market we have combined resources and created one platform – Allianz Global Investors Distributors. All the retail products offered by our investment businesses in the US are sold through this entity, predominantly to wholesale intermediaries. A similar structure is in place in Asia-Pacific and is being developed for Europe. In Germany, our investment manager dit offers retail products based on the various investment styles of our US businesses in addition to their own products.