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Friday, July 06, 2018|
Allianz Expects Less From Asset Management This Year
The parent of Pimco is bracing for a 2018 that doesn't live up to its stellar predecessor.
Jackie Hunt, the Allianz SE management board member in charge of asset management and U.S. life insurance, says that the German multinational's "flow position will be far more muted this year" in asset management, Reuters reports. According to the wire service, Hunt blamed financial market volatility.
Allianz brought in a record $175.25 billion in net inflows in asset management last year, Reuters notes. According Morningstar Direct data, Pimco brought in $9.787 billion in net mutual fund and ETF inflows in the U.S. in the first five months of 2018, while Allianz Global Investors suffered $524 million in net outflows.
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