Allianz has, after months of speculation, confirmed its $2.22bn (€2.61bn) acquisition of Nicholas-Applegate, the San Diego-based privately-owned asset management house. The move comes as ABN Amro is set to buy Alleghany Asset Management for $825m.

Nicholas-Applegate, with $45bn in assets under management, will strengthen Allianz's asset management capabilities and expand its product range, according to a spokesman in Munich. Alleghany, also with $45bn in assets under management, boosts ABN Amro's global assets under management by 40% to $155bn.