As one of the world's largest asset managers, Allianz Global Investors manages some EUR 300 billion in retail funds, special funds and discretionary mandates. The discretionary mandates comprise international portfolios that include both securities and derivatives. The mandates will be serviced by BNY Mellon Service Kapitalanlage-Gesellschaft mbH.

Michael Hartmann, Head of Operations Europe at Allianz Global Investors, said: "Given the harmonization of processes and efficiency gains, the cooperation with BNY Mellon is an important step towards a target operating model. In an international company like Allianz Global Investors, it is even more important to install cross-departmental systems and processes that can be used globally."

Thomas Brand, Head of Investment Services at BNY Mellon in Germany, said: "Our relationship with Allianz Global Investors has been a long and fruitful one, and as one of their largest custodians and depotbanks here in Germany we welcome this opportunity to further strengthen that valued partnership through the provision of these additional services. We will continue to offer Allianz Global Investors the flexibility, high-quality service and innovative solutions that it has come to expect from us as we move into this new phase of our relationship."