Assets under management across Allianz Group’s money management businesses fell 0.7% over the quarter ended March 31, and dropped 9.5% over the year to that date, to €1.75 trillion ($2 trillion), in part due to continued net outflows at Pacific Investment Management Co. and currency effects, said a financial update.
Third-party assets under management also fell, by 2.7% over the three months ended March 31, and by 11.8% over the year to that date, to €1.242 trillion.
Third-party net outflows for the asset management businesses — made up of PIMCO and Allianz Global Investors — totaled €9.1 billion for the quarter. PIMCO net outflows totaled €10.1 billion, while AllianzGI added €1 billion of net inflows. The financial update did not break down PIMCO’s total assets under management.
In the three months ended Dec. 31, PIMCO net outflows totaled €11.4 billion, while AllianzGI net inflows were €3.4 billion. For the quarter ended March 31, 2015, net outflows at PIMCO were €68.3 billion, and AllianzGI net inflows totaled €6.2 billion.
“Net outflows of third-party assets under management at PIMCO slowed but continued to weigh on assets under management, as did currency shifts,” said Dieter Wemmer, chief financial officer at Allianz, in a statement accompanying the update. “Although we anticipate a challenging environment for the asset management industry, we continue to expect positive net flows at PIMCO in the second half of the year, alongside steady net inflows at Allianz Global Investors.”
Market and dividend effects contributed €17.3 billion to third-party assets under management, although it was more than offset by a €41.7 billion hit from foreign-exchange impacts.