Allianz Hopes For Pimco Cost-Income Ratio Improvement
Allianz Asset Management reported a 17 percent decline in first-quarter earnings as investors continued to withdraw money from its Pacific Investment Management Co. unit 19 months after the ouster of Chief Investment Officer Bill Gross. Operating profit at Allianz Asset Management, part of Munich-based insurer Allianz SE, fell to 463 million euros ($527 million) from 555 million euros a year earlier, according to a statement on Wednesday. Allianz CFO Dieter Wemmer explains more with "On the Move" host Guy Johnson in London and Caroline Hyde in Berlin.
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