Pimco Clients Add €14 Billion, Ending a Year of Outflows
- Appetite for bonds rebounded after a global market rout
- Parent Allianz reports higher profit on strong insurance units
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Pacific Investment Management Co. saw outside clients add money in the first quarter, after a year of withdrawals fueled by a global bond market rout.
The giant fixed-income manager recorded €14 billion ($15.3 billion) in inflows, parent company Allianz SE said on Friday, after outflows of more than €75 billion last year. Allianz group operating profit rose 24% to €3.7 billion in the first three months, driven by its insurance businesses.