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Allianz says to keep Pimco as outflows continue: Manager Magazin

(Reuters) – German insurer Allianz (ALVG.DE) rejected the suggestion that it split off or sell its Pimco asset management unit, even as customer outflows are expected to drag on, Allianz’s chief executive told a magazine.

“There are still net outflows and that is unlikely to change in the full year,” Germany’s Manager Magazin quoted Michael Diekmann as saying in the summary of an article to be published on Friday.

Both Diekmann and his designated successor as CEO, Oliver Baete, rejected the idea of spinning off the unit, citing the “enormous synergies” between asset management and life insurance.

Baete, who takes over as CEO next month, said he planned to use the rest of this year to develop the insurer’s strategy for the coming years.