Allianz Global Investors has cut about 150 jobs, bringing the total number of people it employs to 1,650.
The move follows an overhaul of the company to streamline its business and secure new assets.
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The company said it has also decided to outsource more number of IT, middle and back-office roles.
A spokesperson for the company was quoted by the Financial Times as saying that in some cases non-investment focused staff have relocated in Allianz Group.
The spokesperson added that although headcount has come down in the past 18 months, Allianz GI has expanded its roster of investment professionals in areas like emerging market debt, multi-asset investing and infrastructure debt.
Allianz Global Investors chief executive Elizabeth Corley told Financial Times, "such changes were more than paying for themselves. Financial results have actually improved even though we are reinvesting."
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