Oct. 2 (Bloomberg) -- Charles Schwab Corp. removed Pacific Investment Management Co. from its target-date retirement funds after the departure of Pimco co-founder Bill Gross.
Schwab pulled the Pimco Total Return Fund, the world’s largest bond fund, from its target-date funds sold to retail investors, spokeswoman Alison Wertheim said in an e-mailed statement. The company also removed the Newport Beach, California-based Pimco as a separate account manager in the Schwab Institutional Core-Plus Fixed Income Trust Fund, in which the Schwab Managed Retirement Trust Funds invest.
“On the retail side, a search for a replacement strategy is underway and assets have been reallocated between the Schwab Total Bond Market Fund and Loomis Sayles Investment Grade Bond Fund,” Wertheim said.
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