German insurer Allianz's fund management arm reported a 22.8% drop in operating profits compared to the same period last year on the back of lower revenues from its third-party equity business and negative foreign currency developments.
Operating profits for the first three months of the year were â¬241m ($373m), down from â¬312m the previous year. Revenues decreased to â¬727 in the first quarter, from â¬780m in the same period last year.
