Allianz, one of the world’s largest insurers, and PIMCO, one of the world’s premier fixed income managers owned by Allianz, announced the launch of a new business in Australia, Allianz Retire+ Powered by PIMCO, to deliver the next generation of retirement income solutions.

Allianz Retire+ Powered by PIMCO marks the first-ever co-branded business between the two global firms and combines the scale and technical expertise of Allianz’s global life insurance business with PIMCO’s global investment management experience. Allianz manages over 650 billion euros on behalf of its insurance customers and has 127 years’ experience. PIMCO has 47 years of investment management expertise and manages $1.77 trillion (as at March 2018) on behalf of global investors.

The new business will create and fill more than 50 Sydney-based professional jobs in distribution, technology, actuarial, legal, operations, compliance, marketing and customer experience over the next year. The group has also retained an executive search firm to recruit a CEO and during this process, Adrian Stewart, Head of PIMCO Australia and New Zealand, who has led the collaboration since its inception in 2015, will act as CEO in addition to his current role.

Adrian Stewart said, “We believe the strength of our independence and dedicated capabilities for the Australian market have never been more important. 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.”

Richard Feledy, Managing Director of Allianz Australia, said: “I am thrilled to announce the launch of Allianz Retire+ Powered by PIMCO, and to join forces with PIMCO on this innovative business in Australia. The significant demand for retirement income solutions is not limited to Australia. It is a global challenge that we should all be focused on solving.”

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