Allstate Investment Management Limited — an indirect wholly-owned investment management subsidiary of The Allstate Corp. — has crossed over borders with the opening of Allstate Investment’s first overseas office in London.
The addition is being labeled by the company as the next step in a quest for the best assets and strategies to back Allstate’s products.
“Having investment professionals in London helps Allstate Investments compete in the marketplace and with our peers — the global “brand names” of financial services companies,” said Ric Simonson, Allstate Investments chief investment officer.
Simonson said Allstate Investments expects to enhance its network of global relationships across numerous strategies.
“As the world’s financial markets become more integrated and globalization deepens its roots, closer contact with our existing international investments will help us source new investments for the company’s portfolios,” said Patricia Wilson, Allstate Investments senior managing director for Global Strategies.
Wilson noted that this initiative allows Allstate Investments to find the best assets and strategies in the European market that will back its products and provide better returns to all our portfolios.
“The need and opportunities are clear,” explained Simonson. “Our current European holdings and London’s place as the financial services capital of Europe made London the obvious choice for us. We’re excited by the opportunity to build new and mutually profitable relationships through our local presence. Access to all of the partners we need to be successful is critical for us.”
The office is expected to be fully functional by Spring 2008.
Source: The Allstate Corp.
www.allstate.com
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