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 "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
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