FRANKFURT (Reuters) - Allianz (DE:ALVG), which saw another 68 billion euros (49 billion pounds) in assets flow out of its asset manager Pimco in the first quarter, expects the trend to reverse toward the end of the year.
"I cannot say precisely when outflows will stop," Allianz Chief Financial Officer Dieter Wemmer said on a conference call on Tuesday, adding that Pimco had introduced new products and that it has seen inflows in some product categories over the last six months.
"That will play out well over the second and third quarter and then we will switch back to growth," Wemmer said.
Allianz shares were down 2.75 percent at 0900 GMT after Europe's biggest insurer said Pimco's operating profit decreased by 14 percent in the quarter, while Germany's blue-chip index (GDAXI) was 2.3 percent lower.