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Wednesday, November 5, 2014

The Gross Fallout? $1 Billion a Day

News summary by MFWire's editors

It's been a little over a month since Bill Gross' high-profile move to Janus [profile] from Pimco [profile]. The Wall Street Journal offers the latest numbers and perspective on the fallout, as well as a hint at what the Pimco team is doing about it all.

Kirsten Grind reports that investors pulled a net $27.5 billion out of Gross' former flagship mutual fund, the gigantic Pimco Total Return, after pulling out $23.5 billion in September. The September number broke the record for monthly net outflows from a single mutual fund, and the October number then broke that record again.

The WSJ reports that, according to unnamed sources, Pimco is paying non-partners "a special retention package" composed of additional deferred compensation, especially if they stay at least two years. The paper offers no further details on the package.

As for the outflows, about $50 billion has flowed out of Pimco Total Return since Gross jumped on September 26. $23.5 billion of that, about 47 percent, drained in just five days (September 26-30). The fund now has $170.9 billion, and the WSJ says Pimco executives are bracing themselves for up to $100 billion in net outflows.

"Flows from the Total Return fund peaked on Sept. 26 and slowed sharply throughout October," a Pimco spokesman tells the WSJ.

Tim Strauts, an analyst at Morningstar, put the outflows in perspective a different way: "While it's gotten better, they're averaging about $1 billion in outflows a day."

The article also highlights some platforms, like LPL and TD Ameritrade, that have leaned or pulled away from Pimco Total Return since Gross' move. And several current Pimco clients are also mentioned. 

Edited by: Neil Anderson, Managing Editor


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