Pimco Total Return Has Worst Ever Year of Redemptions

Pacific Investment Management Co.’s biggest mutual fund had the worst year of client withdrawals in the history of fund management as the firm lost both of its co-chief investment officers, Bill Gross and Mohamed El-Erian.

Investors pulled $19.4 billion from Pimco Total Return Fund in December, bringing redemptions in 2014 to a record $105 billion, according to data compiled by Bloomberg using information from Newport Beach, California-based Pimco and Morningstar Inc. Assets in the world’s biggest bond fund fell to $143.4 billion as of Dec. 31, according to a Jan. 2 statement from Pimco, down by more than half from a peak of $293 billion in April 2013.