Allianz SE ADROTCQX
Allianz Less Robust On Growth, But Loaded On Quality
Stephen Simpson, CFA
Stephen Simpson, CFA
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, 8:52 AM
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.
Wed, Jul. 6, 3:43 PM
- Pimco Total Return (MUTF:PTTAX) has had mixed results since Bill Gross departed in September 2014, outperforming peers in 2015, but trailing so far this year.
- In the meantime, the steady bleed of assets continues, with the fund now managing just $86.1B vs. a peak of $292.6B just over three years ago. This year, investors have pulled an average $1.2B per month while pouring nearly $7B monthly into intermediated bond funds in general.
- Pimco (OTCQX:AZSEY) last month doubled the fund's allowable exposure to high-yield to 20% from 10%, putting it more inline with most peers. Pimco CIO and co-manager of the fund Scott Mather says Total Return has never come close to that much in high yield, but the next credit cycle could provide that opportunity.
- The fund currently has just 2.6% of assets in junk.
- Source: Daisy Maxey in the WSJ
Thu, Jun. 16, 3:51 PM
- Looking to align its overhead with a continuing decline in assets under management, Pimco (OTCQX:AZSEY) is set to reduce its global workforce by 3%, reports Reuters.
- AUM of $1.5T as of March 31 compares to a peak of roughly $2T three years earlier.
- There's the departure of Bill Gross and the evaporation of assets at the Total Return Fund, but Pimco faces challenges similar to other asset managers - the shift of money out of active management and into ETFs.
Wed, May 11, 9:18 AM
- Allianz (OTCQX:AZSEY): Q1 EPS of €4.70.
- Revenue of €35.4B (-6.3% Y/Y).
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.
Wed, Mar. 30, 4:18 PM
- Under pressure from rock-bottom interest rates, Germany's Allianz (OTCQX:AZSEY +1.4%) has put a $5B portfolio of life insurance policies in Italy up for sale, reports Reuters. The company ranks as the country's fourth-largest life and health insurer, and up for sale are policies paying a minimum 2% interest rate.
- The policies could be worth about €200M, according to sources. Apollo Global was one possible buyer, but has reportedly walked away from talks.
- Allianz's decision comes amid a wave of consolidation in the life insurance sector in Europe, and Deutsche Bank is also mulling options for its U.K. unit Abbey Life.
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)
Mon, Mar. 14, 3:33 PM
- The fund has about $830B in assets, and had investments with Pimco (OTCQX:AZSEY) dating back to 2013, according to the FT.
- "Losing a mandate from an iconic investor like the Norwegian oil fund is like losing the main feather in your cap," says one in the industry. "It will raise many eyebrows among other sovereign wealth funds."
- The fund also showed Brazil's scandal-engulfed BTG Pactual the door. That bank's mutual fund assets nearly halved last year to $14B after its CEO was arrested.
- Previously: Pimco rule change softens reported outflows (March 14)
Mon, Mar. 14, 9:53 AM
- At the start of 2015, Pimco began counting reinvested dividends and capital gains as inflows (vs. a previous policy of excluding them from flows), thus lowering last year's net outflow total by about $18B (roughly 50%).
- As with Pimco's previous policy, competitors like Vanguard, Fidelity, DoubleLine, and Legg Mason don't include money clients elect to leave in funds as inflows. Others like BlackRock and Janus do count these reinvestments as inflows.
- Assets under management at Pimco, of course, have been under a great deal of pressure - they're off 30% since peaking in 2013 at $2.04T. The company says it began considering the change since well before Bill Gross left as it wanted to align its methodology with that of parent Allianz (OTCQX:AZSEY).
- In other Pimco news, a California judge is allowing Bill Gross' lawsuit against the company proceed.
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.
Thu, Mar. 3, 8:03 AM
- The Pimco Total Return Fund (MUTF:PTTRX) suffered another $600M of withdrawals in February, following a $1.1B outflow in January. Assets under management at the mutual fund were $88B at February's end, down from a peak of $293B in April 2013.
- As for performance, the fund posted negative returns of 0.66% for the month vs. a positive 0.71% for the benchmark. Year-to-date, Total Return has positive returns of 0.34% vs. 2.1% for the benchmark.
- As of year-end Pimco had $1.43T in AUM.
- Pimco parent: Allianz (OTCQX:AZSEY)
- Total Return's ETF cousin: BOND