Following its acquisition of Dresdner Bank last year, German insurer Allianz has moved to bring its private equity operations under one roof. In its annual results announced yesterday, the insurer confirmed that Thomas Puetter, currently chief of Allianz Capital Partners, would head up the new Allianz Private Equity Holding business.
In a statement published yesterday, the firm said that Allianz Private Equity would comprise three operations, split between Direct Private Equity (providing equity capital and mezzanine capital for acquisitions and MBOs), Specialized Investments (incorporating Allianz Venture Partners and Dresdner Kleinwort Capital) and the fund-of-funds division, which will be headed by Helmut Wimmer.
Specialized Investments will be led by Andrew Cowley, currently managing director and head of investment strategy for Dresdner Kleinwort Capital. It has not been made clear whether Christopher Wright, currently head of Dresdner Kleinwort Capital, will remain at the firm. No one at Dresdner was available to comment. Wright declined to comment.
The changes appear to bring to an end the uncertainty over how DrKC should fit into a larger private equity operation at Allianz which had been hanging over the business ever since Dresdner Bank was bought by the insurer 12 months ago.