Facing a third-quarter loss of 2.5 billion euros, what will Allianz AG of Germany do with its Newport Beach, Calif., fixed-income manager PIMCO Advisors? Allianz has owned a 70% majority of PIMCO since May 2000. PIMCO has $301 billion in assets under management.

Published reports hint that PIMCO's mutual fund unit is either being polished up for a spin-off, or a sale. A spokesman at PIMCO denied the reports.

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