The Pimco Total Return Fund, launched by Bill Gross, has lost its title as the world's biggest bond mutual fund, following two years of withdrawals.
Investors yanked $7.3 billion from the Pimco Total Return Fund in March as Pimco's flagship fund continued to reel six months after the exit of co-founder Bill Gross.
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.
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.
The Pimco Total Return Fund lagged behind 71% of its peers in February after rebounding from an annual loss of 1.92% last year, Reuters reported.
Pimco Total Return Fund, the biggest bond fund in the world, increased its US government-related holdings in December to 45% from 37% in November, Reuters reported.
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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