Calpers Stays With Pimco While Analyzing Firm After GrossDevin Banerjee
California Public Employees’ Retirement System, the $296 billion pension fund, said it’s monitoring developments at Pacific Investment Management Co. after Pimco said Bill Gross will leave the firm.
Calpers, which has about 1.5 percent, or $1 billion, of its fixed-income assets in a Pimco international bond fund, will analyze its investment, the pension said in an e-mailed statement today. Calpers, the nation’s biggest public pension plan, doesn’t plan to make any changes “at this time,” according to the statement.
“Calpers has respect for both Bill Gross and Pimco investment professionals,” the pension system said. “We will continue to monitor developments at the firm, and will conduct a thorough analysis of our exposure managed by them.”
Gross, 70, will join Janus Capital Group Inc. on Sept. 29 to manage a new bond fund, Denver-based Janus said today. As Pimco’s chief investment officer, he managed the $222 billion Pimco Total Return Fund, the world’s biggest bond fund.