PIMCO 'DNA' not affected by Bill Gross departure

Bill Gross Interview Pic

Pimco CEO Doug Hodge played defence on Thursday, reiterating that Bill Gross's departure has not affected the way the U.S. bond giant functions.

'With Bill's recent decision to resign, the perception has been that there has been a dramatic shift at Pimco,' Hodge said in a letter to clients on Pimco's website. 'However, the reality is that while Pimco has evolved into a globally diversified investment company, our DNA is fundamentally unchanged.'

Reuters reports that Pacific Investment Management Co suffered a record $23.5 billion of withdrawals from its flagship Pimco Total Return Fund in September, with its largest daily outflow occurring on the day of Gross's surprise resignation from the firm on Sept. 26.

The Newport Beach, Calif.-based fund manager said the Pimco Total Return Fund, run by Gross for 27 years who made it into the world's largest bond fund, is 'well positioned' to meet potential redemptions.

Hit the link below to access the complete Reuters article:

Pimco CEO says 'our DNA is fundamentally unchanged' after Gross

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