Pimco changes Bill Gross model
Pimco CEO Doug Hodge told on Sunday that Pimco is moving away from a founder-led model and that the Newport Beach, California-based firm’s flagship fund previously run by co-founder Bill Gross “does not define Pimco.”
“Recognize that we are a $2 trillion asset manager but over the last five years, we have expanded to far more parts of the fixed income and into other asset classes and other geographies, so the Pimco Total Return Fund does not define Pimco,” Hodge said. “It’s an important flagship product of this firm but it is not our only strategy.”
Hodge and Dan Ivascyn, who replaces Gross and now Pimco’s group chief investment officer, told Reuters in an interview that they have been speaking to clients all weekend about the new leadership structure.
“The outflows that have happened – and that may happen – we stand by our clients. We are managing assets and are confident that the vast majority of clients will stand with us.”
Source: Reuters- Pimco changes Bill Gross model, CEO says
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