Pacific Investment Management Co suffered a record $27.5 billion in withdrawals from its flagship Pimco Total Return Fund in October, extending large net outflows following Bill Gross' surprise resignation from the firm. The redemptions surpassed the $23.5 billion reported in September, according to a statement on Tuesday from Newport Beach, California-based Pimco. Gross, who managed the Pimco Total Return Fund and co-founded the firm over 40 years ago, resigned on Sept. 26 to join rival Janus Capital Group Inc (JNS.N). "Institutional investment committees can be slow to make decisions on allocation, thus outflows related to the Gross departure may continue for a few more months," said David Schawel, vice president and portfolio manager of Square 1 Financial.
via Business News http://ift.tt/1EgoYOH
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