Allianz Global Investors, the funds arm of German insurance giant Allianz, has reported a €187m ($241m) hit on its operating profits over the third quarter, reflecting the impact of market declines on the wider asset management industry.

The group reported operating revenues of €684m for the three months to the end of September, down 12% compared with the same period the previous year. Operating profit also fell over the period to €187m, a fall of 42% compared with the third quarter in 2007.