FRANKFURT May 7 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,
(Reporting by Jonathan Gould; Editing by Harro ten Wolde)