(Bloomberg) -- Allianz Asset Management reported a 17% decline in first-quarter earnings as investors continued to withdraw money from its Pacific Investment Management Co. unit 19 months after the ouster of Chief Investment Officer Bill Gross.

Operating profit at Allianz Asset Management, part of Munich-based insurer Allianz SE, fell to 463 million euros ($527 million) from 555 million euros a year earlier, according to a statement on Wednesday. Third-party assets under management fell by 34 billion euros to 1.24 trillion euros during the quarter. The unit also includes Allianz Global Investors.

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