Investors are bracing themselves for bad news as German insurer Allianz releases the first set of results since the loss of its star fund manager Bill Gross.
Mr. Gross, founder of Allianz’s California-based funds business Pimco quit in September after a year of heavy outflows, conflicts with his former chief executive and possible successor, Mohamed El-Erian. Mr. El-Erian left Pimco in March and remained with Allianz as chief economic adviser.
The loss of both managers at Pimco has affected business, and analysts said it is likely to hit Allianz third-quarter results released Friday.
“I would be surprised if we would see better results at Allianz than the year before,” said Stefan Bongart, analyst at Independent Research in Frankfurt. “Compared to the Q3 operative results in asset management last year, it will probably fall by €100 million,” he said.
Last year’s third-quarter operating results were at €754 million, and Mr. Bongart is expecting it to be at €680 to €650 million this year, he said.