Profits exceed 2019 levels across Allianz asset management business

Dented by strengthening euro

Profits at Allianz SE's asset management business have outstripped 2019 levels, despite this year’s uncertainty, with nine-month profits up 2.2% on the previous year.

Operating profits across Allianz Global Investors and PIMCO grew to €2bn for the first nine months of the year, although quarterly profits were down slightly on the previous year at €677m compared to 2019's €703m. Allianz GI hires AXA IM sustainability and impact head This reduction was due to declining operating revenues, down 3.7% on Q3 2019, which were affected by lower performance fees, although reduced operating expenses offset this somewhat. Third party assets under management (AUM) grew by €13bn to €1.7trn, driven by positive market effects of €40bn and net inflows of €25.6b...