6 November 2015

Net outflows at Pimco nearly halve in Q3

Net outflows from Allianz-owned fund manager Pimco have shrunk to the lowest quarterly level since the start of the outflows in the third quarter of 2013, when CIO Bill Gross left the firm (IAR, 29 September 2014, Ivascyn replaces Gross as Pimco's group CIO).

Net outflows at Pimco amounted to €16.0bn ($17.4bn) in the third quarter while Allianz Global Investors recorded net inflows of €1.3bn.

"Net outflows at Pimco nearly halved compared to the previous quarter," said Dieter Wemmer, CFO of Allianz, commenting on the third-quarter results. "At Allianz Global Investors [the second arm of Allianz Asset Management] third-party net inflows continued for the eleventh consecutive quarter."

In a call with analysts, Wemmer noted that in October, Pimco had a net inflow.

Third-party net outflows at Allianz Asset Management slowed further in the third quarter of 2015 to €14.8bn ($16.1bn), compared with net outflows of €47.4bn in the previous year's third quarter.

But operating profit declined 13.5% in the third quarter to €600m, continuing to be impacted by the effects of prior-period outflows, Wemmer added.

On 30 September 2015, total assets under management were €1.746bn, compared with €1.801bn at the end of 2014. Third-party assets under management amounted to €1.259bn, down from €1.313 bn at the end of 2014. In addition to the net outflows, volatile capital markets contributed to the decrease, Allianz said.

Allianz Group total revenues over the first nine months of the year rose 3.5% to €95.5bn, with operating profit stable at €8.15bn.