Allianz Global Investors has shuttered the Allianz Private Client Services group and Julius Nicolai, former ceo and veteran in the industry, has joined money management firm Pinnacle International. The seven-member private client group closed its doors Dec. 31. "The high-net-worth space was no longer a strategic activity for us, we wanted to focus primarily on institutional," said Jeff Sheran, director of marketing.
Nicolai joins Pinnacle as senior portfolio manager, focused on value investing for high-net-worth clients. Nicolai said he has taken three Allianz staff members with him to Pinnacle, including Ken Greenberg, senior portfolio manager, Ann de Groot as a client representative and account manager Esther Regent.
Nicolai, who reports to senior portfolio manager Timothy Piacentini, declined to elaborate on future plans for the group. While at Allianz, Nicolai's group had $575 million in assets under management. Separately, Nicolai's former associate Jonathan Vorst left to join William D. Witter, an investment advisory firm. Vorst declined to comment.