The $2 Trillion Wager for a Risk-Averse Insurer
- Pimco got record 52 billion euros inflows in second quarter
- Group CIO Ivascyn is beating peers with his main fund
Why Pimco Is Attracting So Much Money
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Allianz SE three years ago bet the future of its then $2 trillion bond firm on Dan Ivascyn, a little-known money manager at the time who had been picked to succeed Pacific Investment Management Co. founder Bill Gross.
It was a high-stakes wager for the risk-averse German insurer, which had come under criticism for its handling of the power struggle at the Newport Beach, California-based firm, and it’s now starting to pay off. Pimco received a record 52 billion euros ($62 billion) in net third-party inflows in the second quarter, Allianz said in a statement Friday. A lot of the money is going into the firm’s new flagship Pimco Income Fund, which is co-run by group Chief Investment Officer Ivascyn.