March 11, 2016 / 9:43 AM / 3 years ago

Allianz CEO to focus on restoring Pimco power this year

FRANKFURT, March 11 (Reuters) - Allianz will work to bring Pimco back to its old strength this year, as third party investors continue to withdraw funds from the asset management unit, the German insurer’s chief executive said on Friday.

“Pimco will again be an area of focus for Allianz in 2016,” with the clear goal of regaining its former momentum,” Oliver Baete said in a letter to shareholders in the insurer’s annual report.

Pimco had faced turmoil following massive investor outflows in recent years and the departure of key executives, including its founder, “bond king” Bill Gross, in 2014.

Baete said Pimco’s new management team had stabilised the business and reduced outflows, though these have not yet ceased. (Reporting by Jonathan Gould; Editing by Christoph Steitz)

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