ESCP Europe Alumni Magazine - n°132 - Septembre 2010 - 26

Focus

A decade in Mitteleuropa
Par Éric BARTHALOn [79]

iving and working in Germany: I never expected it, until it happened, just ten years ago. Like many Frenchmen, despite a few -modestly successful- German summer courses, I did not really know Germany. My main links with the German/ Austrian culture were Bach, Mozart, Schubert, Haydn, Beethoven, Zweig… When I got a call from a head-hunter working for « a large German financial institution in Munich », I hardly bothered to figure out which institution it might well be. But Allianz played their hands well. They knew I had spent years at Paribas travelling around the world, including three years based in London. They rightly assumed that once you have tasted expatriation, you become addicted to diversity and discovery. They convinced me that Munich and Bavaria were different and worth a try. They were right.

D.R.

one of the world’s largest insurance group, Allianz is a major institutional investor. Allianz Investment Management (AIM) is the global function, which owns the investment process whereby we manage the reserves of our operating entities -over € 400 billion in aggregate. Actuarial studies estimate the profile of our liabilities to policyholders through time. Based on long-term capital market assumptions, strategic asset allocation sets benchmarks for our portfolios, namely positions we are able to hold through the whole of the business cycle. Tactical asset allocation proposes temporary deviations from these benchmarks. Last but not the least, we select portfolio managers. Needless to say, financial markets have been quite challenging since 2007. However, as Allianz entered the crisis with almost zeroexposure to sub-prime credit, CDO’s and the like... and a much reduced exposure to equities, our financial staying power has been maintained and allows us to face upcoming challenges, like the sovereign debt crisis. As a Frenchman, I sometimes still struggle with the German obsession for the words « process » and « planning ». Sometimes, one would hope for more trials and errors. Realism, efficiency, cost control are other key words. Getting to know some representatives of the Mittelstand is something I appreciate a lot. How do I feel after ten years in Germany? I still feel like a left-bank guy in Paris, or a Parisian in France, but also as a Bavarian in Germany, a Frenchman in Europe and a European everywhere else. In other words, I feel very privileged. When Paribas offered me to be based in London, my mentor told me: « Don’t go there for your career, go there for your kids! ». If your children never miss an opportunity to go back to a place where they have lived, you’ve probably made not too bad a decision. l

I still feel like

a Frenchman in Europe and a European everywhere else. I feel very privileged.

Munich offers all the facilities you can expect from a large city, without many of the usual hassles. Wheather permitting, a bike is the preferred means of transportation. Munich lies in the middle of one of the most beautiful European regions: Bavaria. During the winter, it is not unusual to see people carrying their skis in the tube: the first slope is only one hour away from the city centre. During the summer, the banks of the Isar become beaches, the lakes around Munich large natural swimming pools, and the Alps offer all kinds of hiking challenges. And, of course, there is the Oktoberfest: a gigantic Rabelaisian feast. Munich -Monaco di Baviera in Italian- claims to be Italys’ most Northern city. Bavaria lies in Mitteleuropa: the rain which falls over Munich ends up in the Black Sea. Here, it is natural for people as well as for businesses to look to the East and the South. In my current position, I am heading Allianz Investment Management’s Global Capital Markets and Tactical Asset Allocation team. As

ESCP Europe Magazine N° 132 - Septembre 2010

Table des matières de la publication ESCP Europe Alumni Magazine - n°132 - Septembre 2010

Couverture
Zapping
Sommaire
Editorial
Personnalité du mois - Britt ECKELMANN
Focus - La symphonie allemande
Itinéraires
Entretiens
Vie du réseau
Évolution professionnelle
Voyages - Le rallye des gazelles
A lire
École - Meet ESCP Europe Entrepreneurs
Fondation
Vie étudiante

ESCP Europe Alumni Magazine - n°132 - Septembre 2010