Allianz's Asset-Management Unit Sees Profit Soar on Inflows
Allianz’s SE’s asset-management business saw earnings soar on the back of increased inflows at the German firm’s Pimco unit. External managers allocated almost 21 billion euros ($25 billion) to the firm, most of it at Pimco, which has profited from Chief Investment Officer Daniel Ivascyn’s reputation as a star trader. The inflows are “a sign of customer confidence,” following the 150 billion euros that came in last year, Allianz Chief Financial Officer Giulio Terzariol said in the statement.