Out Flow from Pimco Still Likely to follow
There may be still some outflows left to occur from Pimco's fund as there are still many investors left who have not yet decided whether to stick this asset manager from California.
After the sudden departure of Bill Gross on September 26, Pimco has not mentioned exactly how much money has been taken out by the investors. Bill Gross quit Pimco to join Janus Capital.
However Pimco said that Total Return fund, its wing managed by Gross personally for twenty seven years, has experienced a withdrawal of $23.5 billion in September.
Jeff Tjornehoj, head of Americas research at Lipper, a Thomson Reuters company said, outflows "will tend to be elevated over the next few months". He also said that the exit of Gross is "the last straw" for some of the institutional investors. Those "investors are going from the wait-and-see when Bill was there to let's accelerate this" outflow.
The new line of managers of Total Return, the wing which Gross turned into the biggest bond fund of the world with its peak in 2013April with an asset of approximately $293 billion, try to appease its clients as well as the analysts during this weekend. Pimco's rivals like DoubleLine Capital and TCW are insistently wooing the clients of the Newport Beach, based asset manager.
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