Assets under management at Allianz SE fell 6.2% in the first quarter, as subsidiary Pacific Investment Management Co. recorded net outflows of €43 billion ($47.5 billion).
Total AUM was €2.13 trillion as of March 31, an increase of 1.4% for the year, an update said Tuesday.
Group revenue grew 20% for the quarter and 5.7% for the year, to €42.6 billion. Net income dropped 17.9% for the quarter and fell 27.7% for the year ended March 31, to €1.48 billion.
Third-party assets under management — made up of Allianz Global Investors and PIMCO — fell 7.7% in the first quarter to €1.56 trillion. Third-party AUM grew 0.6% for the year.
Third-party net outflows were €46.4 billion in the first quarter. That compared to €20 billion and €18 billion in net inflows for the quarters ended Dec. 31 and March 31, 2019, respectively.
The impact from markets and dividends reduced assets under management by a further €107.6 billion, but foreign exchange and other impacts added €25.1 billion to third-party assets under management.
Assets under management at PIMCO fell 6% in the first quarter to €1.25 trillion. For the year, assets grew 3.3%.
Net outflows totaled €43 billion for the quarter, compared to €17.7 billion and €20.7 billion in net inflows for the quarters ended Dec. 31 and March 31, 2019, respectively.
PIMCO recorded net inflows through the first two months of 2020, which "turned into net outflows in March following industry trends due to (the) COVID-19 pandemic," said an analyst presentation.
AllianzGI assets under management fell 13.4% in the three months ended March 31, and fell 9.1% for the year, to €309 billion. Net outflows of €3.4 billion followed net inflows of €2 billion for the quarter ended Dec. 31, and net outflows of €2.9 billion for the quarter ended March 31, 2019.
The presentation said AllianzGI recorded net inflows in alternative and equity strategies, but net outflows from multiasset and fixed-income assets.