Allianz shareholders will publicly press its top executives next week to address the underperformance of its Pimco fund management unit in the hope that the German insurer will look more closely at management problems there. Several top 10 shareholders told Reuters last month they wanted Allianz to step up oversight of Pimco, which is losing billions of dollars in outflows from its flagship bond fund after a public falling out between its founder Bill Gross and its co-chief investment officer Mohamed El-Erian that caused the latter to quit. Fund manager Union Investment, Allianz's 10th largest shareholder according to Thomson Reuters data, told Reuters on Friday it had decided to go public with its concerns at Allianz's annual general meeting in Munich on Wednesday because the insurer - Europe's biggest - still had not responded. "The Allianz share is currently showing a clear Pimco discount," Union fund manager Ingo Speich told Reuters.
via Business News - Yahoo Finance http://ift.tt/1iHleOB
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