Pimco, the US bond fund manager of Allianz, has reported €4.7bn of net inflows from third parties for the third quarter of 2016, which are the first positive net flows since the second quarter of 2013.

For the quarter ended 30 September, Pimco and Allianz Global Investors that constitute Allianz’s asset management unit reported operating profit of €604m, up marginally compared to the prior year.

The cost-income ratio (CIR) at the unit increased by 2.5 percentage points to 60.8% from the year ago, driven by a fall in personnel expenses and restructuring expenses, with both PIMCO and Allianz Global Investors contributing to the improvement.

The division’s third-party AuM increased by €20bn to €1.32bn compared to the previous quarter, due to positive market effects and third-party net inflows.

Allianz CFO Dieter Wemmer said: “The 4.7 billion euros in positive net flows at PIMCO confirm the attractiveness of PIMCO products.”