Frankfurt 1, London 0

Allianz has picked the right guy to run Dresdner Kleinwort Wasserstein. Stefan Jentzsch has one particular quality that his predecessor Andrew Pisker lacked. He is German. That is an invaluable asset. After all, the insurer is to merge the investment bank into the corporate arm of its Dresdner Bank subsidiary. Jentzsch should find it a lot easier to translate Dresdner’s corporate relationships in Germany into lucrative investment banking mandates. The new strategy for DrKW is sensible. The firm ...