Third-party assets at Allianz Group, Allianz’s money management unit, decreased 6% to €1.32 trillion ($1.44 trillion) over the three months ended June 30, despite slower net outflows for PIMCO.
Total assets under management at Allianz dropped 6.3% to €1.81 trillion in the quarter ended June 30, but remained flat over the year.
Total net outflows from third-party clients were €22.5 billion in the latest quarter, slowing from €62.1 billion the previous quarter, but still more than €17.2 billion the year earlier.
Pacific Investment Management Co.’s third-party assets under management dropped 7.4% to €1.1 trillion over the quarter, with net outflows totaling €29.3 billion, compared to net outflows for the three months ended March 31 of €68.3 billion.
Compared with June 30, 2014, PIMCO assets under management dropped 9.1%, while net outflows increased from €20.4 billion for the three months ended that date.
Allianz Global Investors also saw third-party assets decrease slightly, by 0.7% for the quarter to €292 billion. However, the firm recorded net inflows of €6.7 billion, which Oliver Bate, CEO at parent Allianz, said in a conference call was the “highest net inflows from third parties ever. So a very positive result.” The three months ended March 31 generated net inflows of €6.2 billion.
Compared with assets under management at June 30, 2014, Allianz GI assets increased 22.7%, and net inflows increased from €3.2 billion.
Regarding PIMCO, Mr. Bate said: “The most important thing PIMCO had to do was to take care of its and our customers … we have focused on the further improvement of the investment performance.” He highlighted slowed net outflows and the stabilization of strategies.
He added that stabilization and motivation of the management team, and adding “great experts,” means he is “highly positive about the future of PIMCO.”