Wed, Jul. 20, 3:28 AM
- Pacific Investment Management Co. (OTCQX:AZSEY) has raided Man Group (OTCPK:MNGPY) to find a new chief executive, as it tries to reverse a slump in fortunes since co-founder Bill Gross left in 2014.
- Manny Roman will join Pimco on November 1, 2016, with Luke Ellis succeeding him as CEO of the world's largest listed hedge fund.
- Man Group shares are down 3.7% in London.
Tue, Apr. 5, 2:10 AM
- The "Bond King" is back in the news. Pimco (OTCQX:AZSEY) is claiming founder Bill Gross's abusive conduct and attempts to sabotage colleagues he called disloyal gave it "good cause" oust him, and not pay any of the more than $200M of damages he now seeks.
- The asset manager also said that Gross acknowledged in a meeting the day before he walked out that he would forfeit any potential bonus if he quit that month.
- The "Bond King" abruptly left Pimco in mid-2014 for rival Janus Capital.
Tue, Mar. 15, 2:54 AM
- Bond manager Bill Gross will be able to pursue his lawsuit against Pimco (OTCQX:AZSEY), which claims that executives plotted to oust him and divide his $200M bonus among themselves.
- Gross' breach-of-contract lawsuit was strong enough to proceed "based on allegations concerning his status as the founder, a 40-year history, an alleged track record," according to California Superior Court Judge Martha Gooding.
- Pimco is still "confident that it will prevail when the parties present their evidence to the court," the company's lead counsel said in a statement.
- Previously: Bill Gross asks court to let Pimco lawsuit proceed (Mar. 02 2016)
Wed, Mar. 9, 3:30 AM
- California may allow partially-repaired diesel cars to continue operating on its roads because a full fix may not be possible.
- German insurer Allianz (OTCQX:AZSEY) plans to sue Volkswagen (OTCPK:VLKAY) over the sharp drop in its shares as a result of its diesel emissions scandal.
- The automaker has also been issued a subpoena by the DOJ in regard to potential violations of bank fraud laws.
- VW shares -3% in Frankfurt.
Sun, Jan. 24, 7:02 AM
- Following the lifting of economic sanctions and the release of billions of dollars worth of frozen Iranian assets, Tehran is ready for business:
- Aircraft - The country just struck a provisional deal to buy eight A380 superjumbos, while an agreement for 100 more Airbus (OTCPK:EADSY) jets could be completed this week. The Islamic Republic is also looking to purchase over 100 planes from Boeing (NYSE:BA) and regional aircraft from Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), MRJ, Embraer (NYSE:ERJ) and Sukhoi.
- Insurance - Insurers and reinsurers are exploring ways to tap the Iranian market worth $7.4B in premiums. Allianz (OTCQX:AZSEY), Zurich Insurance (OTCQX:ZURVY), Hannover Re (OTCPK:HVRRY) and RSA (OTCPK:RSNAY) are all currently evaluating potential opportunities.
- Oil - Greece's Hellenic Petroleum has agreed to buy oil from the National Iranian Oil Company, marking the first sale of Iranian crude to a European country since the lifting of sanctions.
- China - The two countries on Saturday mapped out a plan to broaden relations and expand bilateral trade up to $600B over the next decade.
- Other trade deals are soon to follow.
Nov. 26, 2015, 2:01 AM
- Pimco (OTCQX:AZSEY) and other investors have sued Citigroup (NYSE:C) over the bank's alleged failure to properly monitor toxic securities backed by more than $13.8B of mortgage loans, resulting in $2.3B of losses.
- According to the complaint, Citigroup breached its duties as trustee for the 25 private-label trusts dating from 2004-2007 by ignoring "pervasive and systemic deficiencies" in how the underlying loans were underwritten or being serviced.
Nov. 10, 2015, 2:23 AM
- Pimco (OTCQX:AZSEY) has asked a California court to throw out the civil lawsuit of bond investor Bill Gross, saying the complaint is "legally groundless" and reads "more like a screenplay than a court pleading."
- Last month, Gross unexpectedly filed the suit against Pimco - which asks for at least $200M in damages - claiming that his former colleagues forced him out to advance their own careers and divide his bonus among themselves.
Apr. 1, 2015, 2:29 AM
- New documents show that Andreas Lubitz, the co-pilot of Germanwings Flight 9525, informed Lufthansa (OTCQX:DLAKY) that he has an "episode of severe depression" while at flight-training school, raising further questions about why the airline had allowed him to complete his training.
- Lufthansa is expecting an insurance claim of around $300M in connection with the crash, which will be shelled out by a consortium of 10 insurers led by Allianz (OTCQX:AZSEY).
Mar. 19, 2015, 2:32 AM
- Allianz (OTCQX:AZSEY) has struck a deal with Goldman Sachs (NYSE:GS) to help it hedge part of its stake in China Pacific Insurance Group (OTCPK:CHPXY) and lock in profits from two rounds of investments that it made in China's third-largest insurer.
- Under the deal, Allianz agreed to a future sale of 147.7M Hong Kong-traded shares of CPIC at HK$36.77 each to Goldman in a $700M transaction. That price is equivalent to a 4.2% discount to CPIC's closing price on Wednesday.
Feb. 4, 2015, 2:02 AM
- Another $11.6B flew out of the Pimco Total Return Fund (NYSEARCA:BOND) (MUTF:PTTAX) in January, as retirement plans withdrew more commitments from the world’s largest bond mutual fund.
- According to Morningstar, January was the 21st consecutive month of withdrawals from the fund, which is now down 54% from its peak of $293B in April 2013.
- Pimco (OTCQX:AZSEY) itself has also been scrambling to keep investors, following the departure of Bill Gross and chief executive Mohamed El-Erian last year.
Jan. 18, 2015, 9:55 AM
- Pimco's (OTCQX:AZSEY) assets under management fell by $200B, or 16%, in the fourth quarter of 2014, as the company dealt with the fallout of the departure of Bill Gross.
- While retail investors and financial advisers were quick to react to Gross's exit, large institutional investors such as pension funds took longer to make allocation decisions, FT reports.
- The company closed December managing $1.27T of client money, compared to $1.47T at the end of September.
Dec. 29, 2014, 2:43 AM
- The missing AirAsia (OTC:AIABF) flight QZ8501 carrying 162 people to Singapore from Indonesia is thought to have crashed into the sea, says Reuters quoting a senior Indonesian rescue official.
- Shares in AirAsia fell 7.1% on Monday, their biggest one-day drop in more than three years.
- German insurer Allianz (OTCQX:AZSEY) is the lead re-insurer to the missing plane, and was the main re-insurer to flight MH370 that disappeared in March, as well as flight MH17 which was shot down in Ukraine.
Sep. 26, 2014, 11:49 AM
- Pimco's closed-end funds and ETFs are plunging in the wake of Bill Gross' exit to Janus: PHK -8.7%, PGP -8.5%, PTY -6.2%, PCN -4.2%, RCS -4.3%, PFL -3.6%, PFN -2.7%, PKO -2.5%, PDI -2.2%, PCI -1.4%, BOND -0.2%.
- "A lot of people bought into Pimco because of Bill Gross, who was the face of the organization, and so they’re shooting first and asking questions later,” says Motley Fool Asset Management CIO Bill Mann. "Investing is a personal business, and the market is saying it trusted Bill Gross.”
- Meanwhile, headlines indicate Dan Ivascyn, Pimco's (OTCQX:AZSEY, OTCPK:ALIZF) deputy chief investment officer, will succeed Gross and take over portfolio management; WSJ had written earlier this week that Ivasycn already was growing in popularity among Pimco investors, who had been putting more money into his fund even as they were pulling it from Gross’ fund.
Sep. 26, 2014, 10:07 AM
- It's not just shares of Janus (JNS +36.2%) and Allianz (OTCQX:AZSEY -5.7%) that are moving in response to Bill Gross' job change - traders say the news sparked knee-jerk selling in Treasury bonds.
- "Concerns over his abrupt departure are weighing on Treasury prices," says Tom di Galoma, head of fixed income rates at ED&F Man Capital Markets; the fear is that Pimco's clients will redeem, forcing Pimco to liquidate Treasury bonds.
- “He’s been a bond bull for most of his career, and during that time bonds have been in a bull market - maybe the next Pimco bond managers won’t be as bullish,” says Aaron Kohli of BNP Paribas.
- Gross manages the $221B Pimco Total Return Fund, the world's largest bond fund by assets, which held 41% of its investments in U.S. government-related holdings, a proxy for Treasury bonds, at the end of August.
- Treasurys have climbed off lows but remain in the red: TBT, TLT, TMV, SHY, IEF, TBF, EDV, PST, TMF, TTT
Sep. 26, 2014, 9:19 AM
- Allianz (OTCPK:ALIZF, OTCQX:AZSEY) slips in European action after Bill Gross bolts from Pimco to Janus Capital.
- Shares of the financial services giant were off 4.2% in Frankfurt trading.
- The story is different at Janus Capital (NYSE:JNS) with shares now up 38.5% premarket on the Gross development.
- Some analysts are waiting for the rest of the story to emerge on Gross' exit with the question on if a non-compete agreement exists being bandied around.
Sep. 17, 2014, 12:19 PM
- Continuing a leadership shakeup at Pimco (OTCQX:AZSEY, OTCPK:ALIZF), the company's London-based emerging markets equities chief Masha Gordon has left "to pursue other interests." Deputy CIO and Global Head of Equities Virginie Maisonneuve is running emerging markets following the departure.
- Gordon joined Pimco in 2010 from Goldman Sachs where she had worked on emerging markets equities strategy since 2003.
The Allianz Group is one of the leading integrated financial services providers worldwide. With over 147,000 employees worldwide (as of December 31, 2014), Allianz serves 85 million customers in more than 70 countries. On the insurance side, Allianz is the market leader in the German market and... More
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