's parent has given it the green light to make more hires. Meanwhile, the German-based asset manager is also seeing delays with its Indian-focused joint venture. Speaking at the Fund Forum in Monaco on Thursday, Allianz Global Investors
CEO Joachim Faber
told attendees that Allianz, and specifically Pimco, will this year repeat the hiring surge they saw last year.
The head of the German insurer explained that strong flows into fixed income products are driving the hiring both this year and last, when the insurer added 100 people, mostly at Pimco. Interestingly, those new hires were not the result of Pimco's push into equity products, but rather a buildout to meet demand from fixed income investors.
"The PIMCO business is growing very strongly so it has had the most people added," Faber told Reuters
. He specifically pointed to the firm's relatively new unconstrained and absolute return products.
Faber also confided that AGI is still awaiting approval from Indian regulators to launch its joint venture in that country with Bajaj Group
. Earlier this year he told the news service the JV would launch by the end of the year. That opening may now be pushed into 2011.
"This unresolved situation is giving us a lot to think about because it looks like the measures introduced for the mutual fund market won't be adopted for unit-linked products," Faber told the wire service.
Sean Hanna, Editor in Chief
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