The asset management arm of Europe’s largest insurer Allianz has seen outflows hit €35bn (£27.8bn) in the first half of 2014 as investors continue to pull money out of Pimco.
Allianz also revealed in its interim results released today for the second quarter of 2014 that operating profits at its asset management business, which includes Pimco and Allianz Global Investors, had fallen by 16 per cent to €675m (£536.4m) compared to the same period a year previous.
The net outflows of €35bn experienced by Allianz asset management resulted in a decline in total assets under management to €1.81trn (£1.44trn) for the quarter, down from €1.86trn (£1.48trn) in the second quarter in 2013.
Pimco suffered third-party net outflows over the period strongly driven by the US, according to Allianz.
However the group also points out that Allianz Global Investors actually saw “notable” third-party net inflows over the quarter.