Investors withdraw record sum from Pimco fund
October 2 , 2014
Investors have withdrawn $23.5bn in funds from Pimco after co-founder Bill Gross announced his sudden departure from the firm last month.
The bond giant’s Total Return bond fund lost over 10% of its assets last month, reports said, after Gross, a star manager, joined Janus Capital, a rival company.
In an attempt to reassure investors, Pimco said in a statement that the fund was “well positioned to meet potential redemptions”.
Pimco has faced 17 consecutive months of outflows.