Fixed Income  

Pimco reports inflows for first time in three years

Pimco reports inflows for first time in three years

Pimco recorded net inflows of €4.7bn (£4bn) in the third quarter of 2016, the first time since the second quarter of 2013 the firm saw net new business, which comes as the firm hired Emmanuel Roman from Man Group to join as chief executive, replacing Douglas Hodge.

The results were revealed in insurance group Allianz’s quarterly results to September 30 2016.

Dieter Wemmer, chief financial officer at Allianz, said: “The €4.7bn in positive net flows at Pimco confirms the attractiveness of Pimco products.”

Allianz’s overall asset management business, Allianz Global Investors, also reported positive third-party net flows of €1.5bn in the third quarter, making it the 14th quarter out of 15 to do so.

Overall, assets under management for the group were higher with the acquisition of fixed income firm Rogge Global Partners and market returns offsetting outflows and negative foreign exchange movements. Third party assets have risen 4 per cent this year.

However, overall operating profit for the asset management businesses decreased by 5.8 per cent to €1.6bn in the first nine months of 2016 compared to 2015, which was attributed to lower margins, lower average third-party assets under management and lower performance fees.