Allianz Global Investors, the fund manager of arm German insurer Allianz, has increased its operating profit by 9.5% from €528m to €578m in the nine months to September 30.

The net loss in the asset management division narrowed from €226m to €191m as it continued to absorb costs of the acquisitions of Pimco Advisors Holding, Nicholas-Applegate Capital Management and Dresdner Bank.