Pimco investors withdrew 27.5 billion USD

Noam Stiekema

The Pimco investors withdrew 27.5 billion USD increasing the volume of of the customers leaving the company. The amount of withdrawals in October surpassed the 23.5 billion USD in September. So the main fund Pimco, which is the largest mutual bond fund in the world, now has assets worth 170.9 billion USD against the top […]

Pimco investors

Pimco investorsThe Pimco investors withdrew 27.5 billion USD increasing the volume of of the customers leaving the company. The amount of withdrawals in October surpassed the 23.5 billion USD in September. So the main fund Pimco, which is the largest mutual bond fund in the world, now has assets worth 170.9 billion USD against the top 293 billion USD in 2013. Total Return Exchange-Traded Funds (ETF) reported in October drawing for a total 437 million USD. This is the second consecutive negative month after the September exchange traded fund account leaving 631 million USD. With its strategy ETF follows the policy of Total Return. Bill Gross, who co-founded companies 40 years ago and managed Total Return Fund, left it on 26th September 2014 and joined the rival Janus Capital Group.

After leaving the Gross Pimco vigorously tries to reassure customers through meetings, conference calls and advertisements that the company will continue to operate under the same investment strategies. The company reported a decline of 5% of the amount of assets managed by it in the third quarter to 1,876 trillion USD.

“Leaving of Bill created a feeling of great change in Pimco”, wrote CEO Doug Hodge in a letter to its customers last month. “The truth is that although Pimco has developed into a global and diversified investment company, our core remains unchanged”, said he. The company says that the withdrawal of assets from the Total Return Fund marked a significant slowdown in October, nearly half of the 27.5 billion USD were withdrawn in the first five days of the month.

Amid the difficulties of Pimco seems its competitors benefit from them, as DoubleLine Funds investment company registered the ninth consecutive month of growth in inflows of funds, attracting 2.38 billion USD in October. The fund of DoubleLine Total Return Bond offers return by 5.94% so far for the year.

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