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Allianz Will Sell Mutual Funds in US

Allianz Group of Munich, Germany is developing its breadth of financial products in the U.S. and is planning a family of mutual funds to be sold here.

Allianz filed with the SEC on July 21 to create the USAllianz Funds. The company also filed to start a variable annuity.

One of its U.S. subsidiaries, Allianz of America of Westport, Conn., will manage the new funds. Allianz of America was created in 1976 and manages assets totaling $20 billion for its U.S. insurance subsidiaries and several other Allianz units abroad.

The USAllianz Funds will consist of a growth, an international, an intermediate fixed bond, a money market and a so-called "diversified assets" fund that invests primarily in bonds, but also invests in stocks and money markets.

Four of the five funds are based on commingled accounts that the adviser has been running for several years. The international fund, called the Global Opportunities Fund, is a new investment strategy, however. The new funds and variable annuity will be sold through brokers to both retail and institutional investors. Both businesses will have their own web sites, according to SEC documents.