AllianzGI seals outsourcing deal, offloads HK ops team

Allianz Global Investors has signed a global outsourcing deal with Northern Trust to provide middle office services for its asset manager RCM in Asia-Pacific, Europe and North America. It will also use Northern Trust for settlement and fund accounting. As part of the deal, Northern Trust has lifted 12 staff from AllianzGI’s operations team in Hong Kong. AsianInvestor understands they crossed over on September 1 and are now engaged in servicing for AllianzGI. The agreement, which…