THE WORLD’S biggest bond manager, Pimco, continued to see investors pull billions of dollars of cash from its funds last month, hitting its German owner Allianz.
The California-based outfit, headed by bond guru Bill Gross, saw €22bn (£18bn) walk out the door between January and March.
Although high, this was lower than the €29bn pulled in the third quarter and €36bn in the fourth quarter of last year.
The outflows were revealed in quarterly results yesterday and chimed with results released last week by Allianz indicating a 3.9 per cent fall in income.
Pimco’s troubles, which have been exacerbated by the departure of its former chief executive Mohamed El-Erian, helped sliced into Allianz’s fees and profits.
Asset management operating profit plummeted to €646m, down from €900m in the same quarter last year.
Fees generated from Pimco’s fund performance were also toppled, falling by 96 per cent.