Pimco lost two of its shining stars in a quicker than expected fashion.
Chief Investment Officer Mohamed A. El-Erian left PIMCO earlier this year in March and the left the financial world in a bit of a daze and PIMCO on a watchlist for many funds and investors. Bill Gross was able to uphold momentum in the Bonds based business but his shock resignation in September has left no more confidence in the fixed income giant.
The Financial Times US reports a total of over $100b in redemption requests being executed at PIMCO which is likely to topple the fixed-income giant out of the top spot. PIMCO is bracing itself for the mass exodus that will follow Bill Gross to Janus Capital Group and others who are now looking at their options.
Executives at PIMCO remain positive that talent will be acquired but with the loss of 2 icons in the world of finance the pool of talent is limited and the outlook remains sluggish.