Pimco’s Rising Stars Pull in Money for Future After Gross
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Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world’s best-known bond investor and adding pressure on its rising stars to live up to his legacy.
Gross is overseeing a smaller share of Pimco’s mutual-fund assets and pulling in less of its cash. His $289 billion Pimco Total Return Fund got 19 percent of Pimco’s new mutual-fund deposits in the two years ended March 31, down from 42 percent in the prior period and 79 percent before that, Morningstar Inc. estimates. The portion of mutual-fund assets run by Gross fell to 63 percent as of March 31 from 84 percent a decade ago.