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Rating:Allianz's AM Earnings Fall 28%. Thanks, Pimco.  Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, May 15, 2014

Allianz's AM Earnings Fall 28%. Thanks, Pimco.

News summary by MFWire's editors

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.

However, Reuters 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. 

Edited by: Tommy Fernandez

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