Fri, Nov. 11, 9:01 AM
Fri, Nov. 11, 3:17 AM
- Allianz (OTCQX:AZSEY) beat expectations in the third quarter, posting a 37% rise in net profit to €1.86B.
- Europe's largest insurer saw improvements across all its businesses, including bond fund manager Pimco, which logged net inflows for the first time in three years.
- Quarterly operating profit also beat forecasts, rising 18% and helping the group reaffirm its full-year target.
Tue, Nov. 1, 3:46 AM
- After dozens of candidates, a designated committee and two different recruitment firms, Pimco (OTCQX:AZSEY) is finally welcoming its new CEO, Manny Roman.
- There are high hopes, as he becomes the third man to take to the helm since the so-called Bond King Bill Gross left in 2014.
- Roman will attempt to boost profitability in a period of low interest rates and returns and kickstart morale following a series of heavy layoffs.
- Previously: Manny Roman leaving Man Group to head Pimco (Jul. 20 2016)
Thu, Sep. 15, 2:21 AM
- Pimco (OTCQX:AZSEY) has accused Bill Gross of leaking confidential bonus data and exercising "bad faith" in pursuing a $200M lawsuit over his sudden departure from the firm in September 2014.
- In his lawsuit filed last October, Gross claimed that Pimco forced him to resign so it could distribute his bonus to others.
- Both sides will appear tomorrow in the California Superior Court in Santa Ana.
Fri, Aug. 5, 3:30 AM
- Royal Bank of Scotland (NYSE:RBS) racked up a more than a £2B loss in the first half after taking substantial charges for litigation and conduct.
- Allianz's (OTCQX:AZSEY) net profit fell by half in Q2, hit by higher damage claims, the sale its South Korean business and weaker investment performance.
- "Net outflows at Pimco have slowed, but we have not yet reached our goals," CEO Oliver Baete said in a statement.
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.