Profits at the European arm of Pimco, the world's largest bond fund manager, jumped by more than two-thirds last year, helped by a £20m drop in staff costs.

Accounts for the 2016 calendar year filed by Pimco Europe with Companies House in the UK show that total staff costs for the California-based asset manager's European arm was £166.3m in 2016, down from £186.3m the previous year.