Bill Gross, a bond manager, forecasts further fall of 10 percent in many asset classes, while advising investors that cash is the best bet until a clear picture about the next direction of the market emerges.
Pimco's global equities Chief Investment Officer Virginie Maisonneuve is leaving after less than a year and a half as the bond investment giant narrows its stock-investing focus, it said on Thursday.
Bill Gross of Janus Capital Group Inc said on Tuesday that German 10-year Bunds were "the short of a lifetime" and that the trade could earn 10-15 percent over a period of one to two years.
Investors pulled $18.5 million from Bill Gross's Janus Global Unconstrained Bond Fund (JUCAX.O) in February, the first such cash withdrawal since the closely watched investor took on the portfolio in October, Morningstar said on Monday.
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.
BlackRock Inc (BLK.N) is reorganizing its sales force and has hired Lee Beck, a former managing director with J.P. Morgan Funds, to oversee sales to wirehouses, according to an internal memo obtained by Reuters.
Outflows from Pimco may be far from over as many investors have yet to decide whether to stick with the Newport Beach, California-based asset manager.
Investors hope the Bond King can remake himself as a team player. Bill Gross last week abruptly left Newport Beach, California-based Pimco, the firm he built into a bond giant, to join Janus Capital Group (JNS.N), a small Denver firm that touts on its website how its friendly, team-oriented culture creates "strong collaborators."
Charles Schwab Corp (SCHW.N) has dropped the Pimco Total Return Fund from its 10 target date funds and collective trusts, a company spokeswoman told Reuters on Thursday.
Pacific Investment Management Co suffered a record $23.5 billion of withdrawals from its flagship Pimco Total Return Fund in September, with its largest daily outflow occurring on the day of Bill Gross's surprise resignation from the firm.
Bill Gross's exit from the investment firm Pimco had an immediate impact on the company, with investors withdrawing about $10 billion following the announcement, the Wall Street Journal reported, citing a person familiar with the matter.
For Bill Gross, quitting Pimco's $222 billion Total Return Fund to take over a $13 million fund at Janus Capital is like resigning the U.S. presidency to become city manager of Ashtabula, Ohio, population 18,800.
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.
Enplug, a digital signage maker company, has raised USD2.5 million seed funding. The Los Angeles headquartered company has thought of new way to do digital displays.
Douglas Hodge, the Chief Executive Officer of Pimco, told German newspaper that the abrupt decision of Mohamed El-Erian to leave the firm surprised everyone, Reuters reported.
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