Allianz [profile] and Pimco [profile] are cutting a $6 billion tie.

Emily Blewett of Citywire reports that the German multinational is pulling a number of fixed income sub-advisory mandates in Europe away from its Californian subsidiary. The funds in question hold about 4.6 billion euros (roughly $6.2 billion) in combined assets.

A spokesman for Frankfurt-based Allianz Global Investors told Citywire that the move is "the last step in the implementation of [Allianz's] two-pillar strategy" to make AGI and Pimco distinct asset managers. 

Edited by: Neil Anderson, Managing Editor


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