(March 26): Allianz Global Investors, the smaller of the two asset managers owned by German insurance giant Allianz SE, is cutting some roles as it looks to make changes to its organisational structure.

“Some tasks and elements of our operation may no longer be required or can be achieved differently, which will result in some existing roles becoming redundant or leavers not being replaced,” a spokesman told Bloomberg in a written statement. He didn’t provide a number of possible job cuts.

He added that AGI aims to “future-proof our set-up and accelerate the growth of our business” in a dynamic industry.

While Pacific Investment Management Co, also owned by Allianz, has long been a dominant force in the bond world, AGI has struggled to gain scale and risks falling further behind as rivals in Europe team up.

AGI attracted €0.4 billion (US$0.4 billion) from outside clients last year, while Pimco recorded €84.5 billion in third-party inflows.

Allianz held on-and-off talks with France’s Amundi SA about a potential deal involving AGI, Bloomberg reported in December.

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