Assets under management at Allianz’s money management arm increased 4.4% to €1.8 trillion ($2.4 trillion) in the six months ended June 30, despite third-party net outflows of €37 billion during the period.
Net outflows at the asset management division, comprising Allianz Global Investors and Pacific Investment Management Co., totaled €17.2 billion in the quarter ended June 30. That compared with €6 billion of net inflows for the same period in 2013.
However, in its interim financial statement, parent company Allianz said Allianz GI had actually experienced net inflows in third-party assets, of €3.2 billion. “PIMCO experienced third-party net outflows, strongly driven by the United States,” the firm said in the update.
During the quarter, third-party assets at PIMCO declined 1.8%, to €1.14 trillion, although Allianz said in its update that outflows at the firm had slowed in the second quarter. These outflows were also offset by positive market impact, adding 2.7%, and foreign exchange impact of 0.8%.
A spokeswoman for PIMCO could not be reached for comment by press time.