German insurer Allianz saw operating profit in its asset management arm slump by more than one fourth in the first quarter as its California-based Pimco unit suffered 21.7 billion euros ($29.7 billion) in investment outflows. Performance at Pimco, which has been an Allianz cash cow for years and runs the world’s biggest bond fund, has become an increasing concern following the departure of its Co-Chief Investment Officer Mohamed El-Erian earlier this year after a clash with Pimco founder Bill Gross.