Nov. 5 (Bloomberg) -- Pacific Investment Management Co. had record redemptions from its biggest mutual fund in the first full month after the surprise departure of former manager Bill Gross, with clients pulling $27.5 billion in October.
Half of those redemptions from the Pimco Total Return Fund occurred in the first five trading days of October and they then “slowed sharply,” according to a statement from the Newport Beach, California-based firm yesterday. The redemptions followed $23.5 billion in withdrawals from the world’s biggest fund in September and brought assets to $170.9 billion, down 42 percent from a peak in April 2013.
“This could easily go into the first quarter before you see the flows ebb,” said Michael Rosen, chief investment officer at Angeles Investment Advisors LLC in Santa Monica, California, who oversees $47 billion for endowments and pensions. “There’s a fair amount up for play over the next few months or so.”
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