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Money Management

Allianz AUM flat for quarter despite more inflows for PIMCO

Allianz Group reported assets under management at €1.96 trillion ($2.41 trillion) as of March 31, flat from three months earlier but up 2.1% for the year.

The insurer's third-party assets under management, run by money management businesses Pacific Investment Management Co. and Allianz Global Investors, fell 1.4% for the quarter to €1.43 trillion but were up 2.1% for the year, said a financial update Tuesday.

Third-party net inflows totaled €21 billion for the quarter, vs. €45 billion for the three months ended Dec. 31 and €19 billion for the first quarter of 2017.

Foreign-exchange effects detracted €22.9 billion from assets under management, while market and dividend impacts reduced assets under management by a further €17.3 billion.

PIMCO's assets under management fell 0.9% over the quarter to €1.1 trillion as of March 31, but grew 3.8% for the 12-month period. Net inflows totaled €19.2 billion, compared with €43 billion in net inflows for the previous quarter and €20.9 billion in net inflows for the quarter ended March 31, 2017.

Allianz Global Investors' assets under management fell 1.8% over the quarter and 2.7% for the year to €330 billion. However, the unit recorded net inflows of €1.7 billion for the quarter ended March 31, vs. €2 billion in net inflows for the quarter ended Dec. 31 and €1.5 billion in net outflows for the three months ended March 31, 2017.

Revenue for Allianz's money management businesses was €1.56 billion for the quarter, down 10.9% from the prior quarter and flat from the first quarter of 2017. Profit was €595 million in quarter, falling 14.6% from the previous quarter but up 4% vs. the first quarter of 2017.