The investment business of German insurer Allianz suffered net outflows of €9.2bn during the second quarter, but still managed to end the first half of the year with record assets under management.

In its half-year results, published on August 3, Allianz said Pimco was responsible for the majority of the outflows, as investors pulled a net €8bn from the California-based bond giant’s funds. Allianz owns a majority stake in Pimco, which manages around €1.5tn.