Milan-based firm rebranded as unit of Allianz empire

Giacomo Campora, chief investment officer at Allianz Global Investors Italia, has been busy refocusing the Milan-based firm’s investment strategy. Mr Campora’s efforts to rebrand the Allianz subsidiary from Ras Asset Management are part of a wider drive to leverage the international expertise of the German group in local and regional markets. The re-branding is in line with the recent creation of insurance group Allianz Spa, born out of the integration of the Allianz operations in Italy. “While Ras Asset Management was an undifferentiated manager, investing in all types of markets, the new version of the firm will be more focused,” said Mr Campora. “Our clientele will be able to gain access to all geographical and sector funds, managed by the best competences of the group.” The Allianz asset management operation in Italy will implement one of the very first European models of a “local approach-global approach”, following the example realised in Germany, explained Mr Campora. Following the directives of Joachim Faber, chief executive officer at Allianz Global Investors, the objective is to make the most of the specialised expertise of the group’s asset managers. These include for example fixed-income leader Pimco, research-driven equity player Dresdner RCM, and boutiques such as value-equity manager NFJ and San-Diego based Nicolas Applegate, explained Mr Campora. In Italy, the asset management arm of promotori network Rasbank, which was also recently rebranded Allianz Bank Financial Advisors, will go through a remarkable transformation and depletion of its product range range. “Our local approach will be very contained,” stated Mr Campora. The core of the Italian fund offering will rely on four “fondi flessibili”, the Italian mutual investment fund body Assogestioni’s category of total return funds. This slimming exercise at the Italian funds firm is expected to leave only 40 per cent of the current ?30bn of clients’ assets, of which over a third are in mutual funds, managed in Italy. The remaining 60 per cent will be run by other managers of the group, according to Mr Campora’s estimates. “This depends on what clients want. If they favour global funds or thematic funds [over the fondi balanced/ flessibili or Italian funds] more money will flow into those funds,” he said, adding that what really matters to him is that assets at Allianz Global Investors grow significantly. Mr Campora does not hide the fact that the company has been less dynamic than it should have been in the past few years, not having fully exploited the trend of fondi flessibili in Italy or the “fascinating” theme of Bric (Brazil, Russia, India and China). It has, however, been able to offer an emerging market fund, likely to be run from Singapore or San Diego in the future, and a series of quantitative products, the latter managed by Dario Brandolini, which have been successful. “Now the real work is to grow our assets. In this business you have to be well organised and have clear ideas. If you have the critical mass, you are automatically profitable,” said Mr Campora. “Also there is potential for the firm to develop competences in terms of helping our distribution network. Today we are still inadequate there,” he added.