Allianz Global Investors to outsource middle office

Highlighting a growing trend among fund managers, Allianz Global Investors will outsource its middle office as part of a move to establish a common back-office platform for RCM, the Allianz group’s institutional asset-management arm. AllianzGI is currently finalising the deal, which will cover its operations in Asia-Pacific, and expects to start outsourcing functions later this year. It declined to reveal the service provider; Citi and State Street are two of the biggest players in th…