The rush of money leaving Pacific Investment Management Co. is easing up.
Bloomberg News reports that assets under management at Pimco were $1.47 trillion as of September, little changed from $1.52 trillion as of June 30, the Newport Beach, California-based company reported on its website. It was the smallest percentage drop since co-founder Bill Gross departed.
Pimco was hit with a wave of redemptions after Gross suddenly left the firm in September 2014. Investors pulled money from Pimco’s mutual funds and institutional accounts, creating a windfall for other bond managers including TCW Group and DoubleLine Capital, both of Los Angeles.
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