Fox Business: Top asset manager said considering layoffs

Layoff speculation.

Officials at mutual fund giant Pacific Investment Management Co., are discussing layoffs amid a sharp decline in assets over the past year that followed the ouster of co-founder Bill Gross, the FOX Business Network (FBN) has learned.

FBN reports that Pimco has lost nearly 25% of its total assets since March of 2014, and investor withdrawals continued following the September 2014 departure of Gross, who also ran the firm’s vaunted Total Return Fund—known for its massive size and a history of outsized returns that abated during Gross’s last year at the firm.

Without Gross at the helm, the Total Return Fund has produced a return of about 1.6%--beating both the Standard & Poor 500 index of large company stocks, and a bond index compiled by Morningstar, which tracks mutual fund performance.

To access the complete Fox Business article hit the link below:

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