Allianz Global Investors, the asset management arm of Allianz, has created 'Allianz Global Investors Center for Behavioral Finance,' to offer helpful information and resources for financial advisers, investors and plan sponsors to make better financial decisions.

Allianz Global Investors said that the new center has been build on the recent release of the report entitled ‘Behavioral Finance and the Post-Retirement Crisis.’

The new center will focus on behavioral finance research and education, investing and risk management, retirement, post-retirement products and solutions.

Allianz Global Investors has named Shlomo Benartzi as new chief behavioral economist. He will help to spearhead the initiative alongside senior executives at the company. Mr Benartzi is a professor in University of California, Los Angeles’ (UCLA) Anderson School of Management.

Mr Benartzi said: “The behavioral finance toolbox has proven to be an effective mechanism for understanding how individuals make financial decisions. Applying the insights from behavioral finance is critical to designing better financial solutions for investors and I am delighted that Allianz Global Investors has made such a strong commitment to this field of study.”