It has been five months since Oliver Bate moved into the corner office Allianz SE, a global insurance and asset management behemoth with $2 trillion in assets, $140 billion in revenues, 85 million customers, and 147 thousand employees.
Allianz is also parent company to Pimco, which was recently slapped with a $200 million lawsuit from former employee, Bill Gross, on claims the bond trading firm he founded wrongfully fired him last September, just days before he would have received a large bonus.
In an exclusive interview on CNBC's "Power Lunch" Wednesday, Bate said Gross' lawsuit was "without any merit" and diluted the good work executives at the company have done since his departure.
"I think it's always difficult with a founder-led company, said Bate. "But I don't think there's anything that has to change now at Pimco. They are doing all the right things at the moment."
Bate also insisted there are no plans to put Pimco on the block, despite "personality clashes" with Gross and a slowing of outflows in its flagship fund, since his departure, including $2.3 billion net outflows in September.
"Absolutely no way we would sell Pimco. We get this question all the time, typically from speculators. It's been a spectacularly positive story for us, and will continue," said Bate.