All's fair in love, war - and financial markets.
Senior executives at Pacific Asset Management Co., have yet another reason to curse Bill Gross: He cost them money, and a lot of it.
Fox Business reports that the ouster last year of Gross, the mutual fund giant’s mercurial founder, caused investors to yank tens of billions of dollars out of the company, particularly the Total Return Fund, which Gross personally managed.
The sharp decline in assets has not only squeezed profit at PIMCO, and its holding company, Allianz SE, but caused dozens of senior executives at PIMCO to lose out on an estimated tens of millions of dollars in compensation, people with direct knowledge of the matter tell FOX Business.
Over the past three to five years, executives received as much as a third to half of their annual pay in a stock-option tied to assets under management. But with assets dropping sharply in the wake of Gross’s departure, those options expired in January, making them virtually worthless, these people say.
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