Outflows at Pimco were largely to blame, losing €21.7bn comparing with inflows of €1.9bn at Allianz Global Investors.
In terms of asset split, to 31 March 2014, Pimco made up 83.1% of third party AUM, with 16.9% to Allianz GI. By region, this was dominated by US assets at 62.5% compared with Europe’s 27.7% and 9.8% from Asia-Pacific.
The asset management business unit reported a 26.3% fall in operating profits, from €877m for the comparable three months in 2013 to €646m in the first quarter of 2014.
Huge losses in performance fees
Performance fees, down from €276m to €19m, were largely to blame, with the group citing "exceptionally" high performance fees from private funds in the first quarter of 2013.
Operating revenues also fell 18.8%, from €1.87bn to €1.52bn.
Pimco’s operating profit declined almost 30% year on year, from €796m to €563 with a huge drop in performance fees, falling from €252m to just €11m.
Conversely, at Allianz GI, its operating profit rose from €87m to €96m, while performance fees also saw a significant decline, from €22m to €8m.
