Bond corporation Pimco saw $20bn, or ?14.5bn, of investment withdrawn after executive Bill Gross announced he was leaving last month. The investment was taken from Pimco’s Total Return bond fund, the largest in the world. Gross is Pimco’s cofounder, and its former chief investment officer, and will join Janus Capital – a major rival. The funds were withdrawn “hours” after the announcement. Pimco has said the firm is “well positioned to meet potential redemptions, and short-term cash management is an area of expertise and strength at Pimco.” It has been reported that much of the money withdrawn has gone to major Pimco finals, like Vanguard and DoubleLine Funds. Pimco has seen a lot of management shakeups recently, including the announcement of three new managers at Total Return, probably to intimate to investors the company remains in control. In January, Mohamed El-Erian, its co-chief investment officer, resigned; apparently due to inner turmoil. Pimco is a subsidiary of the Gemrna insure Allianz, and said to be worth more than ?1.5tn.
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