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Pimco Loses $39 Billion to Client Withdrawals in Quarter

Pacific Investment Management Co., the world’s largest fixed-income manager, had $39 billion in net redemptions during the third quarter as investors fled bonds in anticipation of rising interest rates.

Allianz SE, the Munich-based insurer that owns Pimco, said that its other asset-management unit Allianz Global Investors had net deposits of $1.3 billion in the quarter. Pimco’s share of Allianz’s money-management assets fell by 2 percentage points this year to 84 percent as of Sept. 30, while the AGI unit’s share rose by 1.5 percentage points to 14 percent, according to a statement today announcing third-quarter earnings.