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Pimco had total assets under management of
$1.973 trillion as of June 30, 2014 and total assets under
management of $1.92 trillion as of Dec. 31, 2013.
In a statement on its website, Pimco said "changes in AUM
(assets under management) are a function of a number of factors,
including portfolio returns, currency changes and net client
flows."
Gross, one of the bond market's most renowned investors and the
former manager of the flagship Pimco Total Return Fund, quit
Pimco for distant rival Janus Capital Group Inc <JNS.N>.
According to two sources familiar with the matter, he was
expected to be fired the next day from the firm he helped launch
more than four decades ago and built into a $2 trillion
investment powerhouse.
Since Gross's departure, Pimco has seen heavy outflows, with
$23.5 billion leaving the Pimco Total Return Fund in September
alone.
The new managers of the Pimco Total Return Fund -- Scott Mather,
Mark Kiesel, Mihir Worah -- wrote in a report about outflows:
"Given that Total Return is invested in highly liquid
securities, and currently has above-average liquidity simply due
to the strategies we’ve had in place in recent months, we are
confident that we will be able to handle even significant levels
of client redemptions from the portfolio."
(Reporting by Jennifer Ablan; Editing by Diane Craft)
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