Investors in Allianz are calling on the insurer to take action amid concerns over the health of its US fund business Pimco, following sweeping changes at the top of its management team.
Executives at Allianz are keen to insulate the US fund manager against further so-called "key man risk" following the shock departure of Pimco's chief executive Mohamed El-Erian last month amid reports of friction with chief investment officer Bill Gross.
Investors are questioning whether personnel issues at Pimco will harm its ability to face an increasingly tough environment for fixed income, as Allianz prepares to reveal fourth-quarter results on Thursday. Pimco is a valuable jewel in Allianz's crown, contributing about 30 percent of operating profit to the overall group.
"It looks like the very long bull market in fixed income is coming to an end and just at the time when you'd want people to pull together and present a united front it looks like there are cracks in the story," said one investor in Allianz, who said there had been a lack of communication from the German insurer with its shareholders over the issue.
"I think profit generation for the group is so related to one man's high profile that it's quite a risk in some ways."
Investors had been quitting Pimco's underperforming flagship Total Return Fund since the middle of last year amid a general downturn in the fixed income market triggered by uncertainty over the Federal Reserve's plans to pull back from monetary easing.
(Read more: Tell-all on Pimco was 'overblown,' Gross says)
Outflows from Mr Gross's Total Return Fund totaled $41.1bn for 2013 after a period of underperformance last summer. Firm-wide, Pimco has now had eight straight months of outflows, according to Morningstar.