Fears of layoffs are spreading through the ranks of asset managers and financial advisers at Alliance Global Investors in New York, the US retail arm of German insurance giant Allianz. Assets under management have declined, dragging down revenue and profits.
In additional, the retail sales business at Allianze has recently gone through a management change. In June the firm tapped Brian Garrney to take over as CEO of it’s retail business. He had earlier worked at Lehman Brothers’ Neuberger Berman. At least three other former Neuberger employees have also been hired.
In general, the new management is seen as less loyal to AGI veterans, and may look to cut costs at the firm by laying off some of the higher paid employees who have been with the firm the longest, insiders say.
We were not able to reach Allianz for comment.
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