Global insurance and financial services provider Allianz has formed Allianz Alternative Assets Holding (AAA-Holding) to coordinate and expand the alternative investments activities within the Allianz group.

As a first step, AAA-Holding will take management responsibility for Allianz Capital Partners (LBO, Mezzanine), Allianz Private Equity Partners (indirect private equity), Aequitas (alternative public equities), Allianz Immobilien (German real estate) and KGAL (leasing).

Karl Ralf Jung, Dresdner Bank board member previously responsible for Corporate Banking, will head the unit from January 1, 2006.

Over the last few years we have built-up significant activities in these various asset classes and it is now time to leverage them by taking a more integrated approach. Given the rising importance of alternative assets this will allow us to bring a better risk/return profile to our internal and external investors, said Paul Achleitner, Allianz board member responsible for group finance.