Third-party assets under management at Allianz grew 0.7% over the quarter ended Sept. 30 to €1.67 trillion ($1.95 trillion), as net inflows and market gains offset losses caused by foreign-exchange impacts.
The money management firm's third-party AUM fell 0.7% over the year. Total AUM grew 0.9% over the quarter but fell 0.4% for the year to €2.27 trillion, an update said Friday.
Third-party net inflows were €25.6 billion for the third quarter, compared to €25.8 billion for the previous quarter and €18 billion for the quarter ended Sept. 30, 2019.
Markets and dividends added €40.2 billion to third-party assets, vs. €102.3 billion for the quarter ended June 30, and €22.7 billion for the quarter ended Sept. 30, 2019. Foreign-exchange and other impacts subtracted €53.1 billion from third-party assets, following a €27.4 billion loss in the second quarter. For the third quarter 2019, foreign-exchange and other impacts added €49 billion.
Allianz's third-party assets are run by Pacific Investment Management Co. and Allianz Global Investors. PIMCO AUM grew 0.4% over the quarter but fell 0.7% for the year, to €1.32 trillion as of Sept. 30. PIMCO net inflows were €27.1 billion for the quarter, up from €22.8 billion for the previous quarter and from €21.9 billion for the third quarter 2019.
AllianzGI assets grew 2.1% over the quarter and were flat over the year, at €346 billion. Net outflows were €1.5 billion for the third quarter, vs. €3.1 billion in net inflows for the second quarter and €4 billion in net outflows for the third quarter 2019.
PIMCO recorded net inflows to investment grade credit and enhanced cash strategies while AllianzGI saw net inflows to fixed-income strategies. Net outflows were recorded from AllianzGI's multiasset, alternative and equity strategies, an analyst presentation said.
Allianz's overall revenue grew 1.6% for the quarter but fell 6% over the year to €31.4 billion, while net income grew 31.3% for the quarter and 5% over the year to €2.1 billion.
