AMWatch

Pimco clients pull USD 29bn as rate hikes hit bond funds

Bond giant Pacific Investment Management Co. saw outside clients pull money for a second straight quarter amid a global bond selloff.

Oliver Baete, chairman of the management board of Allianz SE, Pimco's parent company. | Photo: Frankhoermann/AP/Ritzau Scanpix

Investors withdrew EUR 28.7bn (USD 29.4bn) from Pimco in the three months through June, parent Allianz SE said on Friday, adding to the first outflows since the onset of the pandemic earlier this year. Allianz group operating profit rose in the quarter, driven by the German company’s property-casualty insurance business.

Allianz counts on its asset management units to diversify its business beyond insurance, while Pimco is facing headwinds as investors fled fixed-income securities after high inflation prompted interest rate hikes, making existing bonds less attractive.

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