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Pimco's Strongest Inflows in Four Years Boost Allianz Profit
- Bond manager attracts 21 billion euros in first quarter
- Operating profit at Allianz asset management unit rises 24%
Allianz's CFO Says Pimco Success Story to Continue in 2Q
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Pacific Investment Management Co., the bond manager owned by German insurer Allianz SE, saw its biggest third-party inflows in four years in the first quarter as clients flocked to Chief Investment Officer Dan Ivascyn’s Pimco Income Fund.
The firm, based in Newport Beach, California, attracted 21 billion euros ($23 billion) in the first three months of the year, the most since the first quarter of 2013, Allianz said Friday in a statement from Munich. Earnings at the asset management unit, which includes Allianz Global Investors, rose 24 percent, helping put Europe’s largest insurer ahead of target.