Allianz Continues To Worry Over Daily Pimco Outflows But Hopes Worst Is Over

Pimco is one of the largest and most respected money manager companies around.  Bill Gross and his fund, the Total Return Fund, were at the heart of the company’s reputation.  During his tenure at managing the fund, Gross only had 3 losing years in 1994, 1999, and 2013, even then, the losses were relatively minimal.  However, everything came to a halt September 26, 2014, when Gross abruptly announced that he was leaving Pimco to join Janus Capital. When Allianz, Europe’s largest insurer, purchased a 70% stake in Pimco for $3.3 billion back in 1999, it certainly looked like a great investment.  Now, Allianz CEO Michael Diekmann is trying to calm investors and assure them that the investment principles...