Bond giant Pimco reported net outflows of €28.8 billion in the third quarter, suffering from a sell-off in fixed income during the period triggered by fears of rising interest rates.

The third-party outflows in the three months to the end of September compare with net inflows of €30.9 billion during the same period a year earlier, according to results published Friday by Pimco's parent, the German insurer Allianz.