Investors pull $30 billion out of Pimco amid rising inflation concerns
Investors pulled 29 billion euros from bond giant Pimco in the second quarter, its parent Allianz SE ALV, -1.97% said on Friday, highlighting nervousness in the fixed income sector as inflation rages and central banks hike interest rates.
But the outflows at subsidiary Pimco, the second quarter in a row of significant withdrawals, took the eye of analysts, with Citi calling them “significantly higher than expected”.Actively managed bond funds such as Pimco, which is led by Emmanuel Roman, have been struggling in recent months as surging inflation has made fixed-income less attractive and the proliferation of cheaper index-tracking funds has enticed investors.
The MOVE index, a gauge of U.S. Treasury volatility, is off recent record levels but at 120.6 remains well above its long-term average of about 60.
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