Sept. 29 (Bloomberg) — Pacific Investment Management Co.'s Chief Executive Officer Douglas Hodge said the firm is expecting and is ready for client redemptions following the departure of co-founder Bill Gross.
In a conference call with analysts where he was joined by top executives at Pimco parent Allianz SE, Hodge said management changes have triggered reviews with some clients. Hodge said it is too early to estimate redemptions at the Newport Beach, California based firm.
Investors including the The California Public Employees' Retirement System, the largest U.S. pension, the Florida State Board of Administration, and New York City's five pension plans said they are monitoring the situation after Gross's surprise Sept. 26 announcement that he was joining Janus Capital Group Inc. Sanford Bernstein said in a report that day that Pimco could see withdrawals of 10 percent to 30 percent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
