Allianz Earnings Beat as Third-Party Assets Top €2 Trillion

Allianz SE, the owner of bond manager Pacific Investment Management Co., reported a record profit for the first quarter as inflows helped push third-party assets under management above €2 trillion ($2.3 trillion) for the first time.

Pimco attracted €37.6 billion from outside clients and its smaller sister unit Allianz Global Investors saw €7.6 billion in new money. That helped bring the total overseen for outside clients to a record €2.04 trillion at the end of March.