Pimco moving away from Bill Gross model, CEO says

"Over the last five years, we have expanded into far more parts of the fixed income market and into other asset classes and other geographies, so the Pimco Total Return Fund does not define Pimco," Hodge said. Hodge and Dan Ivascyn, who takes over for Gross at the Newport Beach, California-based firm as group chief investment officer, told Reuters in an interview that they have been speaking to clients all weekend about the new leadership. On Friday, Gross shocked the investment world by leaving his post as chief investment officer to join mutual fund management firm Janus Capital.

via Business News http://ift.tt/YCsnXY