Germany-based insurance giant Allianz in collaboration with fixed income manager PIMCO, owned by Allianz, has rolled out its new retirement income business in Australia,

Operating under the brand name of Allianz Retire+ Powered by PIMCO, the new firm will provide retirement income products to Australian customers.

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The new entity will leverage the combined scale and technical expertise of Allianz’s global life insurance business as well as PIMCO’s global investment management experience.

The company will hire over 50 professionals in Sydney over the next year. They will work in distribution, technology, actuarial, legal, operations, compliance, marketing and customer experience team.

Until a new CEO is hired, head of PIMCO Australia and New Zealand Adrian Stewart will oversee the business as CEO. He has managed the collaboration since its inception in 2015.

Stewart said, “We believe the strength of our independence and dedicated capabilities for the Australian market have never been more important. Allianz Retire+ Powered by PIMCO combines the capabilities of a world-class life insurer and premier global fixed income manager to provide a compelling suite of retirement income products.

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“The industry has an obligation to work harder to solve the Australian retirement income challenge, and last week’s federal budget announcement demonstrates the government’s commitment to developing a system that better supports Australians at all stages in their retirement.”

With 127 years of experience, Allianz manages more than €650bn on behalf of its insurance customers. PIMCO, which has 47 years of investment management expertise, manages $1.77 trillion on behalf of global investors, as at March 2018.