Allianz: Show us your cards

In 2003, German insurer Allianz said it would back Dresdner Kleinwort Wasser- stein for two years before deciding whether to partially spin it off. The comment has helped the investment bank attract lots of fresh entrepreneurial blood since then. The new hires were attracted by the chance of a float that would turn them into millionaires. But as the deadline for a decision draws near, the picture is looking very different. Allianz seems to want to keep DrKW after all. Owning a markets business ...