Now we can quantify the impact of Pimco's
woes on parent Allianz.
The German insurance giant reported
yesterday that the first quarter operating earnings of its asset management arm dropped 28 percent to 646 million euros.
Of course, the primary driver of this plunge was Pimco's outflows, which were 29 billion euros in third quarter of 2013 and 36 billion in the fourth quarter. This led to a 96 percent decrease in performance fees.
reports that Allianz's CFO Dieter Wemmer said that "We are on a good path toward consolidation," with outflows declining.
Meanwhile, Bloomberg reports
that Pimco co-founder Bill Gross
declared that his bond giant will rank at the top at the end of 2014.
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