German insurer Allianz’s asset management business suffered a two-thirds drop in performance fee income to €126 million in the nine months to September, including a 4.8% drop in the third quarter.

Performance fee income was down significantly from 2012, as well as 2013. Allianz generated €396 million from performance fees in the first nine months of 2013 and €383 million in the corresponding period of 2012. In the nine months to September 2011, its performance fee income was just €182 million.