Matt Rady

Allianz Retire+ Powered by PIMCO (“Allianz Retire+”) has announced Matthew Rady as its CEO and three industry experts as independent non-executive directors.

Patria Mann, David Plumb (who will serve as Chairman) and Hon. Bernie Ripoll will join the Board as independent non-executive directors.

This announcement follows the launch of Allianz Retire+ in May, a new business that combines the expertise of Allianz’s global life insurance business with PIMCO’s global investment management experience to deliver the next generation of retirement income solutions.

In his new role, Mr. Rady will be responsible for leading Allianz Retire+’s business in Australia, including launching its first retirement income product later this year. He will assume his responsibilities immediately and Adrian Stewart, Head of PIMCO Australia and New Zealand, who has been acting as interim CEO, will become a non-executive director to the Board.

Mr. Stewart said: “Matt is an exceptional executive with the industry expertise, client orientation and leadership skills to position Allianz Retire+ for long-term success.”

Mr. Rady said: “It’s an honour to be chosen as CEO and to represent and lead such an exceptional business. Along with our talented team, I look forward to helping our clients meet their unique retirement income objectives.”

“As the demand for retirement income continues to develop, Allianz Retire+ is well-positioned to deliver best-in-class retirement income solutions and services,” he added.

Mr. Plumb, Chairman of the Board, said: “The Board includes diverse attributes that will enable it to oversee and guide management – deep financial and commercial acumen and a strong mix of skills and industry experience.”

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Adrian Stewart

Allianz, one of the world’s largest insurers, and PIMCO, one of the world’s premier fixed income managers owned by Allianz, have 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 on behalf of its insurance customers and has 127 years’ experience. PIMCO has 47 years of investment management expertise and manages USD$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.

Mr. 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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