Allianz CEO Oliver Bäte called PIMCO Founder Bill Gross's departure from the firm a "nuclear explosion" but maintains that the team he left behind has done a "very, very good job to stabilise." That said, Bäte acknowledged that PIMCO is the German insurer's main concern on the asset management front. He said he's upbeat about the state of PIMCO's business, however, because it is diversifying and becoming more closely integrated with Allianz that it was during Gross's tenure. Read the original story from The Financial Times.