Pimco's Bill Gross, manager of the world's largest bond fund, reassured investors and clients on Wednesday that the departure of his heir apparent, Mohamed El-Erian, will not affect the performance of the firm. "Believe me when I say, we are a better team at this moment than we were before," Gross, co-founder and co-chief investment officer at Pimco, said in his monthly letter. Pimco shocked the investment industry last month when it said that El-Erian, chief executive and co-chief investment officer at the Newport Beach, California-based firm, would leave in mid-March, leaving Gross as the sole chief investment officer. The Pimco Total Return Fund, which has $237 billion in assets, extended last year's record net outflows in January, with investors pulling $3.5 billion from the fund over the month, Morningstar data showed on Tuesday.
via Business News - Yahoo Finance http://ift.tt/1fv9Kbi
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