Found a replacement for Gross: Pimco threatened capital flight – n-tv.de NEWS

Found a replacement for Gross: Pimco threatened capital flight – n-tv.de NEWS

Economy
 

 Sunday, September 28, 2014

 
 
 

 
 Pimco closes the gap that the surprisingly retired Bill Gross has left very quickly. The new chief investment officer of Allianz Funds daughter, Ivascyn. is facing a major challenge. He must prevent capital flight.
 

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The insurance giant Allianz is after the surprising departure of “Bond” -King Bill Gross under pressure. Experts expect that investors will now deduct more money from the fund to the US-subsidiary Pimco. “This will accelerate the outflow at Pimco most likely” judged David Shavli, portfolio manager at Square 1 Financial.

Many billions of dollars, if not hundreds of billions of dollars, would in the opinion of the influential fund analysis company Morningstar because of the Personnel shall be deducted.

Pimco, meanwhile, has quickly found a successor for Gross. New chief investment officer at Pimco is Dan Ivascyn. He was one of six deputy chiefs plant that Pimco had the 70-year-old Gross set aside earlier this year. The other deputy were also transported. To the flagship Total Return Fund, the Gross has built up over decades the world’s largest bond fund, will continue to take care of Mark Kiesel, Scott Mather and Mihir Worah, all previously deputies of Gross. You should prevent there flows more money.

Allianz CEO Michael Diekmann tried to smooth things over. “Launched in January management and investment structure and careful succession planning give us full confidence in Pimco investment and management.”

Since May 2013 investors have already withdrawn $ 70 billion from the total return. The world’s largest bond fund once had a volume of nearly $ 293 billion. Pimco CEO Douglas Hodge said the company was grateful for everything that Gross had done for the company and its customers. “However, it became increasingly clear in the course of this year that the top management of the company and Bill have fundamentally different views on how to proceed with Pimco.” According to insiders should own five senior portfolio managers have threatened in recent days with her departure, when Great stay. Also, the rift of Gross with his longtime partner Mohamed El-Erian, which was played over the media earlier this year caused resentment.

Gross takes notice before

Great is said to have repeatedly threatened to leave the house and I let the management know that he look around themselves for another role. He has also flirted with a move to Pimco rival DoubleLine Capital as its chief executive Jeffrey Gundlach. As United had recently threatened again with his departure, the governing body has decided that it was time for him to actually leave the house, said one of the insiders. The company had already Ivascyn one sanctioned by the alliance succession plan in the case that would have been presented on Saturday can be. The Great came with his departure but before.

The billionaire changes to U.S. asset manager Janus, which is led by his former longtime Pimco colleague Richard Weil. Here he is to take care of a bond fund that was launched in May and only $ 13 million is difficult. That could change from analysts view with large but fast. However, experts are questioning whether there will be a rebirth for large when changing to Janus not going well. “I do not know if there is a third act for him,” said Jeff Tjornehoj, an analyst at the Thomson Reuters belonging analysis Lipper.

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Gross Pimco had been strong in the past 43 years. His departure caused on the Frankfurt Stock Exchange for horror. It cost the alliance on Friday around four billion euros in market capitalization. “So far, Pimco and Bill Gross are synonyms,” judged Todd Rosenbluth by the analysts at S &. P Capital IQ “Investors will need a while to understand that he no longer plays a role.”

For years, traditional large and his colleagues from reliable profits and were therefore left out of the alliance on a long leash. But last left the top investment chief of Pimco happiness. Against the backdrop of the financial crisis and persistent low interest rates many bets did not go on, and Gross’s flagship fund total return threw no longer the expected profits for the investors from.

  Source: n-tv.de