Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:No Further Pimco Cuts Planned For Now Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 5, 2016

No Further Pimco Cuts Planned For Now

News summary by MFWire's editors

The Pimco [profile] layoffs are done. And Allianz smells a comeback.

Dieter Wemmer
Allianz
CFO
"We are well on track towards our cost-income ratio target and no further measures are planned for now," Dieter Wemmer, chief financial officer of Pimco parent Allianz, said today on a media call, Bloomberg's Oliver Suess reports. "We have made a lot of progress on getting non-personnel expenses down and the cuts announced in June will also help, in addition to a lower impact from the retention program."

In June a memo leaked about a 68-person layoff at Pimco. At the time, that amounted to a three-percent cut in the Newport Beach, California-based fixed income asset manager's worldwide headcount.

Wemmer's comments today are in the context of Allianz's just-released Q2 2016 earnings report, which shows a cost-income ratio (CIR) for Pimco of 62 percent, down from 64.3 percent a year ago. Allianz is aiming for below 60 percent.

Meanwhile, Reuters notes that Wemmer says that "getting to zero [net outflows] is within reach" for Pimco. Pimco suffered $20 billion in net outflows in Q2, nearly all of which were from a single client (whom Wemmer reportedly declined to name).

"Pimco is stabilizing," Wemmer tells CNBC.

Meanwhile, the WSJ reports, on the same media call Allianz CEO Oliver Baete insisted that Allianz "won't interfere in Pimco's daily business and fund management." Baete's comments after Jackie Hunt, the new asset management chief at Allianz, told the FT last month that "You'll see Allianz more involved in the asset management business than in the past."

All this comes in advance of a changing of the guard at the very top of Pimco. Last month Pimco and Allianz revealed that on November 1 Manny Roman will take over as Pimco CEO, succeeding Doug Hodge. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use