Pimco inflows are ‘stunning’ this year, Allianz chief says

Pimco inflows are ‘stunning’ this year, Allianz chief says

Pacific Investment Management Co. attracted about €20 billion ($21.6 billion) in third-party money in the first six weeks of 2024, approaching the level for the entire year before.

The bond giant had an “absolutely stunning” development this year, Oliver Baete, chief executive officer of Pimco parent Allianz SE, said in an interview Friday.

The inflows, provided by Chief Financial Officer Claire-Marie Coste-Lepoutre in the same interview, underscore Pimco’s rebound from two challenging years when rising interest rates prompted an investor flight from bonds. With rates widely expected to fall this year, investors are piling into debt securities again in a boost to Allianz and its largest asset manager.

Bloomberg

Pimo attracted €24 billion in client money in all of 2023, according to an investor presentation. That marked a rebound from 2022, when the asset manager suffered €75 billion in outflows. Inflows last year were driven by fixed income and alternatives offerings, while multi-asset and equity businesses saw outflows.

“In 2022, all the bond sector including Pimco was struggling with investment performance. Last year was again outstanding,” Baete said. He described Pimco’s performance in 2023 as “super-strong.”