Pacific Investment Management Co. has had an “absolutely stunning” development this year, according to Oliver Baete, chief executive of parent company Allianz SE.
The US investment firm pulled in about €20 billion ($21.7 billion) in client money during the first six weeks of 2024, Allianz chief financial officer Claire-Marie Coste-Lepoutre added in the same interview on Friday.
That’s “close to” what Pimco pulled in during all of last year, she said. The firm attracted €24 billion in client money in 2023, according to an investor presentation.
The upbeat development comes on the heels of a fourth quarter in which Pimco clients withdrew €3 billion from the firm, putting an end to a streak of inflows during the three preceding quarters. The asset manager suffered €75 billion in outflows in 2022 following a global bond rout.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
