As of today, all assets and liabilities of Allianz personal pension investment funds in Turkey will be managed by HSBC Portfolio Management.

Allianz Turkey chief financial officer Solmaz Altin said: "Our funds have been successfully managed in Turkey for many years. As a global insurance company, we need to align decisions at a global level and as such we have joined forces with a leading global financial institution, HSBC.

"As a result of the momentum gained in private pension plans in Turkey we estimate that there will be around 300,000 new entrants to this market and the sector will reach an estimated 2.6 million clients by year end, with a portfolio size of 15bn TL according to estimations".

HSBC Portfolio Management general manager Namik Aksel added: "The deal is the largest portfolio management change in the Turkish private pension market in terms of its scale. We believe that our partnership will benefit the private pension sector in general and investors in particular.

"Our aim is to be in the top five portfolio companies in Turkey in terms of assets under management. We will do this by delivering to our clients robust active portfolio management, high performance, a strong product range and excellent quality service. Our longer term goal is to maintain and grow our position in line with this rapidly developing sector. The addition of Allianz Life and Pension A.S. to our pension fund portfolio is a very important step."