Pimco Fuels Allianz Fund Unit as Deposits Surge to $56 Billion
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Pacific Investment Management Co., the Allianz SE fund unit overseen by Mohamed El-Erian and Bill Gross, took in more money than any asset-management firm during the third quarter, with more than $56 billion in deposits.
Allianz, Europe’s biggest insurer, said today its bond- management unit’s operating profit rose 44 percent in the quarter from a year earlier to 432 million euros ($593 million). Pimco, with about $1.2 trillion in assets, accounts for almost the entire fixed-income business at Munich-based Allianz, which said the pace of new cash won’t continue if interest rates rise.