Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Gross Isn't Buying His Way Into the Stock Fund Biz, and Allianz's Chief is OK With That Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 16, 2013

Gross Isn't Buying His Way Into the Stock Fund Biz, and Allianz's Chief is OK With That

News summary by MFWire's editors

Pimco's [profile] third foray into equities may not be the charm just yet, but their parent is just happy they're not trying to simply buy their way into the business.

"It's obviously more difficult than we expected it to be, but I'm very happy that they do this in a professional way, and not getting into sort acquisition mode," Michael Diekmann, CEO of Munich, Germany-based insurer Allianz (which owns 70 percent of the bond fund giant), told Bloomberg's Alexis Leondis and Oliver Suess."I don't declare victory yet, but neither do I say it's been a failure."

The interview comes after former TARP guru Neel Kashkari, Pimco's equities chief, left earlier this year to possibly run for political office. Kashkari joined in 2009 to build out the unit. Pimco now has about $3.8 billion in stock funds, out of its $1.97 trillion in total assets.

Bloomberg notes that, before the sale to Allianz in 2000, Pimco twice tried to push into equities: once in 1980s, and again in the late 1990s.

In the interview Diekmann also addressed several other issues, including the possibility of Bill Gross departing Pimco; according to Bloomberg, Diekmann indicated that Gross "has no intention to retire." 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use