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Pimco Total Return Has $23.5 Billion in Redemptions

The Pimco Total Return Fund, managed by Bill Gross until last week, suffered an estimated $23.5 billion of withdrawals last month, its worst month ever for redemptions.

The largest daily redemption occurred Sept. 26, the day of Gross’s departure, Newport Beach, California-based Pacific Investment Management Co. said today in a statement. The biggest previous monthly withdrawal was $9.6 billion in June 2013, according to Morningstar Inc. The redemptions represent 10.6 percent of assets at the end of August, when Pimco Total Return had $221.6 billion in client money.