Allianz, the European insurer, reported a 2.3% growth in profits at its €1.5 trillion asset management division, Allianz Global Investors, in the second quarter. Profitability and performance at its US-based fixed income manager, Pimco, were "excellent" but its European equities house RCM had the greater business momentum.

Allianz said profits at Allianz Global Investors, the umbrella company for RCM and Pimco, rose 2.3% to €528m, compared to the same period a year ago. The figure would have been 14.5% higher if foreign-exchange movements were discounted.