Allianz Dresdner Asset Management closes Swiss subsidiary.

Allianz Dresdner Asset Management (Adam) has shut its Swiss subsidiary in Zurich following the closure of the only fund managed out of the Swiss office.Following the merger of Allianz and Dresdner Bank's asset managment units, several offices have been combined. Their Luxembourg office now operates under the Adam name and the workforce has been integrated into one operation. The firm has 80 investment and money market funds with [euro]11bn ($11.56bn) in assets and 28 fund of funds with assets totalling [euro]4.2bn.
Adam is in the process of launching a sustainability fund in Luxembourg. The fund will invest in companies that are deemed exemplary in ecological and social terms and whose growth and profit potential are positively appraised. It is a subfund of the firm's global strategies umbrella fund, comprising several sector funds.
Firms will be screened according to criteria developed in cooperation with the United Nations Association Trust, based on UN and International Labour Organisation principles. The fund will also use Adam's Grassroots organisation, which has 300 specialists scrutinising companies globally.
Adam is also launching two guaranteed funds in Luxembourg. The funds, one balanced and one bond fund, are based on a capital preservation strategy which guarantees investors at least repayment of the unit price as of year-end. The guaranteed products are aimed at smaller endowments and non-profit organisations.