Pimco, the US bond manager where clients have pulled hundreds of billions of dollars following the departure of chief investment officer Bill Gross in late 2014, will return to positive territory in 2016, the chief executive of parent group Allianz predicted on February 19.

Oliver Bäte, chief executive of the German insurance giant, told a press conference: "We actually expect that by year-end, on the basis of our discussion and planning with Pimco, the outflows will convert into positive flows.