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"The New York City Pension Funds recently
transitioned out of $4.9 billion in Pimco accounts due to
concerns over recent organizational changes," Eric Sumberg, a
spokesman for New York City Comptroller Scott Stringer, said in
a statement.
Gross shocked bond markets in September by leaving Pimco, which
he co-founded, for smaller rival Janus Capital, where he now
manages the Janus Global Unconstrained Bond Fund <JUCAX.O>.
The assets pulled from Pimco by the city pension funds were
distributed to the city's existing asset managers, Sumberg said.
Existing managers include BlackRock <BLK.N>, Goldman Sachs <GS.N>
and State Street <STT.N>, among others.
According to Morningstar, the Pimco Total Return Fund, formerly
managed by Gross, had record outflows of $103 billion in 2014.
Investors pulled $150 billion from Pimco's U.S. open-end mutual
funds for 2014, Morningstar data also showed.
The New York pension funds still hold $2.4 billion in Treasury
inflation-protected securities (TIPS) accounts with Pimco.
"At this time the Systems are in the midst of a search for TIPS
mangers," Sumberg said in the statement.
The city pension funds had assets of $158.7 billion as of Sept.
30, 2014.
The news was originally reported by The Wall Street Journal.
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