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Rating:As Gross Departs, BOND's Pain is iShares' Gain Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, October 1, 2014

As Gross Departs, BOND's Pain is iShares' Gain

News summary by MFWire's editors

As Bill Gross settles in at Janus, the reverberations of his departure are still being felt at Pimco [profile], including in his active ETF. And at least for this piece, it looks like BlackRock is reaping the rewards.

Olly Ludwig of ETF.com reported yesterday that more than $445 million, 12.5 percent of the Pimco Total Return ETF's (ticker symbol BOND) $3.5 billion in assets, flowed out on Friday, the day Gross jumped. Stephen Alpher of Seeking Alpha put the Friday BOND outflows at $446.5 million, followed by another $98 million on Monday, for a two-day outflow total of about 15 percent of the actively managed ETF's assets.

Where did that money go? Seeking Alpha notes that more than $400 million (equivalent to about 90 percent of BOND's day one outflows) flowed into BlackRock's iShares Core U.S. Aggregate Bond ETF [profile] (AGG).

Those numbers are drops in the bucket compared to total asset figures at the two giant mutual fund firms: as of June Pimco's assets under management totaled $1.97 trillion, and BlackRock claims $4.32 trillion in AUM. Yet they seem to reflect the larger picture seen by Mister Market on Friday, the day Gross jumped, when the market cap of Pimco parent Allianz fell by nearly $3.7 billion while BlackRock's market cap jumped $2.3 billion. 

Edited by: Neil Anderson, Managing Editor

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