The insurer says it has no plans to sell the Pimco business

Allianz Group has insisted it has no plans to sell its bond fund Pimco after billions were wiped off its share price following the departure of Bill Gross as Pimco’s investment officer on Friday.

Following Gross’s departure it caused parent company Allianz SE’s share price to drop by 6.2% to €128.20.

Allianz head of asset management and board member Jay Ralph said there was “no reason “ to get more involved in the day-to-day running of Pimco following the withdrawal of billions from investors over reports of infighting and high profile departures, The Financial Times reports.

Ralph said Gross’ departure would have no impact on Allianz’s relationship with Pimco and that the insurer had no plans to sell Pimco.