Assets at Allianz’s investment management business hit an all-time high of €2.16tn at the end of the second quarter, as strong inflows into the German insurer’s US operation, Pimco, offset outflows from its in-house funds arm.

Assets under management at California-headquartered Pimco hit €1.25tn at the end of June, an increase of 3.4% over the three-month period, according to Allianz’s second-quarter results. Allianz Global Investors had much slower asset growth, up 0.9% to hit €343bn.