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.
A settlement between the two RIAs requires 14 days' resignation notice and bans solicitation of former clients for a year after departure.
The incoming four-advisor team, including a father-daughter duo, marks a sizeable addition to the firm's employee advisor channel in Pennsylvania.
OneAmerica Financial's logo debuts on Team USA competition suits next week — the latest step in a multi-year sponsorship focused on community, financial education, and high-profile events such as the Olympics.
A trade-secret claim topping a billion dollars anchors the fight
Nearly one in five U.S. adults have turned to AI for financial guidance, but almost none trust it fully — and Edward Jones' David Chubak says that gap is good news for advisors
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
