Sept. 26 (Bloomberg) — Pacific Investment Management Co. may see asset withdrawals of as much as 30 percent after the surprise departure of Bill Gross, a legend in the bond world who became a familiar face to Main Street investors as they poured money into the firm's funds through retirement plans.
Money managers said they are monitoring developments at Newport Beach, California-based Pimco, which manages $1.97 trillion in assets and has seen record redemptions as investors turned away from fixed-income in anticipation of rising interest rates. Sanford Bernstein said in a report today that Pimco could see withdrawals of 10 percent to 30 percent.
"Stunning," Michael Rosen, chief investment officer at Santa Monica, California-based Angeles Investment Advisors, said of the departure.
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