Allianz to Bring Pimco Power This Year

Allianz Logo PNGThe Alliance will work to bring Pimco return to its old strength this year, as a third party investors continue to withdraw funds from the Asset Management Unit, Chief Executive German insurer said on Friday.

“Pimco’s will once again be a major focus for Allianz in 2016” with a clear aim to regain their former strength, “said Oliver Baete in a letter to shareholders in the annual report of the insurer.

Pimco faced turmoil after the exodus of investors in recent years and the departure of key executives, including its founder, “King communication” Bill Gross, in 2014.

Baete Pimco said the new management team to stabilize the business and reduce the outflow of capital, although they still have not stopped.

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