Allianz CEO says clients happy with Pimco leadership
FRANKFURT May 7 (Reuters) - Allianz has received supportive reaction from customers for the leadership structure put in place earlier this year at fund management unit Pimco, Allianz's chief executive said on Wednesday.
Pimco, which has seen billions of euros in investor outflows over the past year, put in place a team of six deputy Chief Investment Officers to support CIO and Pimco founder Bill Gross, after Gross's presumed successor Mohamed El-Erian quit the company earlier this year.
"Our clients have given us very positive feedback about the new leadership structure," Michael Diekmann said in the text of a speech to the insurer's annual shareholder meeting.
The team reflected growing business volumes and Pimco's global presence, Diekmann said.
"Responsibilities within Pimco have been redistributed and clearly regulated," Diekmann said.
"They now lie on more shoulders," he added.
Pimco is a successful part of the Allianz, adding substantially to group earnings in 2013 and more than paying back the insurer's investment in the company over the years, Diekmann said. (Reporting by Jonathan Gould; Editing by Harro ten Wolde)