In a statement on Thursday, Allianz announced the launch of a new retirement income business in Australia with its subsidiary Pimco, called Allianz Retire+ Powered by Pimco.
The co-branded business will draw upon the “scale and technical expertise” of Allianz as well as Pimco’s experience in global investment management, according to the statement.
Over 50 new Sydney-based jobs spanning the sectors of distribution, technology, actuarial, legal, operations, compliance, marketing and customer experience will be created from the venture.
While the hunt for a chief executive is underway, Pimco Australia and New Zealand head Adrian Stewart will step into the role in the interim.
Commenting on the launch, Mr Stewart said: “Allianz Retire+ Powered by PIMCO combines the capabilities of a world-class life insurer and premier global fixed income manager to provide a compelling suite of retirement income products.
“The industry has an obligation to work harder to solve the Australian retirement income challenge, and last week’s federal budget announcement demonstrates the government’s commitment to developing a system that better supports Australians at all stages in their retirement.”
