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Pimco Clients Pull $29 Billion as Rate Hikes Hit Bond Funds

  • Asset management business weighs on Allianz’s 2Q earnings
  • Property-casualty segment is bright spot with 21% profit jump
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WATCH: Allianz CFO Terzariol discusses the company’s financial results, strategy. and the outlook for the global economySource: Bloomberg
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Bond giant Pacific Investment Management Co. saw outside clients pull money for a second straight quarter amid a global bond selloff.

Investors withdrew 28.7 billion euros ($29.4 billion) from Pimco in the three months through June, parent Allianz SE said on Friday, adding to the first outflows since the onset of the pandemic earlier this year. Allianz group operating profit rose in the second quarter, driven by the German company’s property-casualty insurance business.