Pimco’s Biggest Fund Had Record Redemptions on Gross Exit
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Pacific Investment Management Co. had record redemptions from its biggest mutual fund in the first full month after the surprise departure of former manager Bill Gross, with clients pulling $27.5 billion in October.
Half of those redemptions from the Pimco Total Return Fund occurred in the first five trading days of October and they then “slowed sharply,” according to a statement from the Newport Beach, California-based firm yesterday. The redemptions followed $23.5 billion in withdrawals from the world’s biggest fund in September and brought assets to $170.9 billion, down 42 percent from a peak in April 2013.