Pimco's top investment officer said on Tuesday that "late decision makers" are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long.
Allianz SE
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Bill Gross' abrupt departure from Pimco, the giant bond firm that he co-founded more than four decades ago, was preceded by months of clashes between the star investor and the firm's executive committee that got progressively worse, according to sources familiar with the situation.
After a mistaken bet on US Treasuries, assets of Pimco Total Return Fund sank by $41.1 billion last year, making it fund's worst showing in nearly two decades, Reuters reported.
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