Third-party assets under management at insurer Allianz's money management units grew 0.2% for the quarter and 7.6% for the year ended June 30, to €1.4 trillion ($1.6 trillion), while PIMCO-driven quarterly net inflows were a record €54.8 billion.
A financial update Friday said third-party net inflows for the quarter ended March 31 totaled €19.4 billion, and for the quarter ended June 30, 2016, net outflows were €19.1 billion.
Pacific Investment Management Co. assets under management grew 0.6% for the quarter to €1.07 trillion. For the year, assets grew 3.2%. Net inflows to PIMCO strategies totaled €51.6 billion, up from €20.9 billion the previous quarter, and from net outflows of €18 billion in the three months ended June 30, 2016.
Allianz Global Investors' third-party assets fell 0.6% to €337 billion for the quarter, but grew 3.7% over the year. Third-party net inflows were €3.2 billion, compared with net outflows of €1.5 billion for the quarter ended March 31, and €1.1 billion in net outflows for the quarter ended June 30, 2016.
However, foreign-exchange detracted €65.7 billion from overall assets, compared with a negative impact of €9.9 billion for the previous quarter. In the quarter ended June 30, 2016, FX added €28.5 billion.
Markets and dividends overall added €15.2 billion in the three months ended June 30, compared with €25.8 billion for the previous quarter. For the quarter ended June 30, 2016, markets and dividends added €23.7 billion.
In a statement accompanying the update Allianz said the negative FX impact was mostly driven by the depreciation of the U.S. dollar against the euro.
Dieter Wemmer, chief financial officer at Allianz, said in the statement that €33 billion of PIMCO's net inflows came from "across a broad customer base," while the remaining €19 billion came from a single allocation. "PIMCO has become a performance engine again," said Mr. Wemmer.