Allianz defends Pimco at annual meeting

|About: Allianz SE ADR (AZSEY)|By:, SA News Editor

"There is no reason [for shareholders] to rake us over the coals," says Allianz (AZSEY, ALIZF)  CEO Michael Diekmann at the annual meeting, as its cash cow Pimco suffers a run of bad results, management tumult, and net outflows of funds.

"Pimco's halo is crumbling, and with it Allianz's share price," says a fund manager at Union investment, a top holder of Allianz shares. "We will see whether the new management structure with six deputy investment officers under Bill Gross will be sustained and generate better investment returns ... "What are you going to do to finally get Pimco out of the negative headlines? Are you going to get more involved at Newport Beach?"