Bond King Is Gone. Long Live Pimco.

Pimco may have won as much as it lost after its co-founder Bill Gross left a year ago.

Many predicted disaster, or at least painful struggles, for the $1.5 trillion asset manager after it pushed out Gross, widely known as the “Bond King.” But the firm’s flagship bond fund, which at one point was the biggest in the world, has generally maintained or even improved its performance, even while contending with billions of dollars of withdrawals.