The Allianz Group is one of the leading integrated financial services providers worldwide. With approximately 148,000 employees worldwide (as of December 31, 2013), Allianz serves over 83 million customers in more than 70 countries. On the insurance side, Allianz is the market leader in the... More
Friday, Mar 148:04 AM
Friday, Mar 148:04 AM| Comment!
- Whether Allianz (AZSEY) is struggling (off 8% YTD) because of outflows and soap operas at its cash cow subsidiary Pimco, or from general equity weakness in Germany (Dax off about 10% YTD), who knows, but JPM says the company's a buy in spite of Pimco concerns. Assets under management at Pimco would have to fall 13% for Allianz to underperform its targets in 2014.
Thursday, Mar 1310:23 AM
Thursday, Mar 1310:23 AM| Comment!
- A nice bull move in fixed-income wasn't a help for Pimco, which saw $2.5B in outflows in February, making it the only one among the top 10 asset management firms to see an exodus of cash. The Gross/El-Erian soap opera isn't helping, but neither is weak performance. Notably losing money was Pimco's High Yield Fund which saw $510M leave while its competitors racked up gains.
- Bill Gross' Total Return Fund (ETF equivalent: BOND) saw $1.6B in outflows in February to add to $3.5B in January, not to mention last year's big exits.
- Pimco is owned by Allianz (AZSEY +0.5%).
Friday, Mar 75:22 AM
Friday, Mar 75:22 AM| 18 Comments
- Bill Gross has accused departing Pimco (BOND) CEO Mohamed El-Erian of "trying to undermine" him, telling Reuters that he has evidence that El-Erian "wrote" a recent WSJ article that described the breakdown in the men's relationship and didn't portray Gross in a particularly flattering light.
- When asked what the evidence was, Gross replied: "You're on his side. Great, he's got you, too, wrapped around his charming right finger."
- Gross also indicated that he has monitored El-Erian's phone calls.
- A Pimco spokesman later denied that Gross made the comments that Reuters attributes to him, while the WSJ hotly refuted that El-Erian "wrote" the article.
- Pimco's parent company is Allianz (AZSEY).
- Pimco funds: AUD, BABZ, BUND, CAD, CORP, DI, FIVZ, FORX, GOVY
Friday, Feb 2811:41 AM
Friday, Feb 2811:41 AM| Comment!
- A trading floor doesn't thrive on "sweet talking," says Bill Gross (BOND), responding in the WSJ to an earlier Journal report painting The Bond King as a martinet.
- The back and forth comes amid the departure of Mohamed El-Erian - previously Gross' heir apparent - from Pimco. Michael Diekmann - CEO of Pimco parent Allainz (AZSEY) - says he's "very happy" with Pimco's new management structure and sees no reason to meddle in its U.S. cash cow.
- "It's like dealing with family - you don't always produce a productive family by sweet talking and always being inclusive," says Gross. "There's a time for soft love and time for hard love.…I can admit to both." The recent management shuffle at Pimco means more power-sharing at the top, says Gross. "It's a huge change."
- Incoming Pimco CEO Doug Hodge says he's fielded a few calls this week, but it's mostly been "remarkably quiet ... They hire us not because it's happy talk around here but because we deliver performance."
- See also: Matthew Klein's defense of Gross
Monday, Aug 192013, 10:43 AM
Monday, Aug 192013, 10:43 AM| Comment!
- With European stocks moving back into favor, JPMorgan offers up its 32 top picks.
- The broad thesis suggests rising yields - rather than being a headwind to equities - are a good thing as they'll "jumpstart the long-awaited reversal in flows" from fixed income to stocks. The team also prefers value over growth, suggesting 6 years of value underperformance is about to change. Stay away from defensive sectors - telecoms, staples, healthcare, utilities - as they display a negative correlation to bond yields.
- Among the picks: TOT, RIO, EADSY.PK, EADSF.PK, BAYRY.PK, AZSEY.PK, SCGLY.PK, UBS, ESYJY.PK, VLKAY.PK, PUBGY.PK.
Friday, Jul 192013, 2:59 AMAIG (AIG), MetLife (MET) and Prudential Financial (PRU) are among nine global insurers that have been categorized as "systemically important" by the G20's Financial Stability Board. The designation, which U.S. authorities also want to place on the firms, will mean they'll have to hold higher capital reserves, and formulate recovery and resolution plans to limit any fallout should they collapse. Unlike in the U.S., GE Capital's (GE) not on the list, although Prudential PLC (PRU), Aviva (AV), Germany's Allianz (ALIZF.PK), France's Axa (AXAHY.PK), China's Ping An (PIAIF.PK) and Italy's Assicurazioni Generali (ARZGF.PK) are. |Friday, Jul 192013, 2:59 AM| 4 Comments
Sunday, Jun 92013, 5:24 AMBerkshire Hathaway (BRK.A) is reportedly interested in acquiring assets that Italian insurer Unipol (UGFNY.OB) must sell as part of a rescue of peer company Fondiaria-SAI. Berkshire faces competition for the assets, which have premiums of €1.7B, from Allianz (AZSEY.PK), Axa (AXAHY.PK) and Aviva (AV), among others. Non-binding offers are expected on Friday. |Sunday, Jun 92013, 5:24 AM| Comment!
Monday, Apr 22012, 9:28 AMHartford Financial (HIG) +1.4% premarket after announcing it will pay $2.43B to buy back debt and warrants issued to Allianz (AZSEY.PK). The U.S. insurance company turned to Allianz, Germany’s largest insurer, for capital in 2008, agreeing to pay 10% on $1.75B of debt as capital markets froze; today's move allows HIG to replace the $1.75B it owes with new debt at a lower cost. |Monday, Apr 22012, 9:28 AM| Comment!
Sunday, Jan 152012, 8:12 AMAlso in Merkel's response to the S&P downgrades comes this chilling idea: She says she will consider legislation to bar institutional investors such as insurance companies from selling bonds when ratings are downgraded, or fell below investment grade. If banning short sales doesn't work, why not step it up a notch and ban selling altogether? |Sunday, Jan 152012, 8:12 AM| 75 Comments
Friday, Nov 112011, 8:56 AMJPMorgan notes Europe's insurers own €300B of Italian paper, about 2/3 of their entire shareholder's equity. Shares in the sector have sold off recently and may seem cheap, but still trade near book value. An Italian default or exit from the euro coupled with devaluation would leave the group with devastated assets, but no fall in liabilities. |Friday, Nov 112011, 8:56 AM| 1 Comment
Friday, Nov 112011, 7:31 AMAllianz (AZSEY.PK) profit falls to €196M from €1.26B the previous year as the insurer takes the marks on its Greek paper and shows unexpectedly high writedowns on its equity holdings of financial shares worldwide. Still, "risk-on" is the word today, shares +3.6% in Frankfurt. |Friday, Nov 112011, 7:31 AM| Comment!
Tuesday, Sep 62011, 8:49 AM
Sunday, Jul 242011, 8:26 AMA report in Die Welt says German financial firms were prepared to accept a far higher write-down on their Greek paper than the 21% eventually agreed to. At that level, Deutsche Bank will actually show a profit on its holdings. It makes one wonder what all the fuss was about over the past weeks. |Sunday, Jul 242011, 8:26 AM| 3 Comments
Monday, Jun 62011, 6:35 AM
Monday, May 232011, 4:22 AMCommerzbank (CRZBY.PK) said yesterday it plans to raise €5.3B ($7.5B) through a share issue, the second this year, to pay off its government bailout. Major shareholder Allianz (AZSEY.PK) plans to exercise its full subscription rights. In European trading, Commerzbank -2.9%. |Monday, May 232011, 4:22 AM| Comment!
Monday, Mar 82010, 8:04 AM
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