PIMCO Just Lost Business On Its Home Turf
REUTERS/Jason Reed
And now a rival shop has added insult to injury.
WSJ's Matt Wirz, Daisy Maxey, and Min Zeng report that the local pension fund in Newport Beach, where PIMCO is based, decided to put $100 million intended for the bond market with a Swiss fund called GAM.
According to the report, the pension system does invest with other asset managers, but PIMCO was its largest bond manager. This time, they decided to go with a foreign fund.
In January, Co-CEO Mohamed El-Erian announced he would be leaving the company in mid-March, and a scathing WSJ report would later reveal part of the reason why.
Bill Gross, the other CEO, clashed with El-Erian over investment ideas and referred to himself as "Secretariat," the undefeated racehorse.
The backdrop to all of this is that PIMCO's flagship Total Return Fund saw $41 billion in outflows in 2013, an industry worst. All in all, 2013's bond market sell-off was not kind to PIMCO.
From this latest report, it looks like scrappy smaller funds are using the shake-up at PIMCO to win new business on PIMCO's own tuf.
Tough times.
Check out the full report at the WSJ »
- I'm an interior designer. Here are 10 things in your living room you should get rid of.
- A software engineer shares the résumé he's used since college that got him a $500,000 job at Meta — plus offers at TikTok and LinkedIn
- A 101-year-old woman keeps getting mistaken for a baby on flights and says it's because American Airlines' booking system can't handle her age
- The Role of AI in Journalism
- 10 incredible Indian destinations for family summer holidays in 2024
- 7 scenic Indian villages perfect for May escapes
- Paneer snacks you can prepare in 30 minutes
- Markets crash: Investors' wealth erodes by ₹2.25 lakh crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market