Jennifer's Feed
Feb 27, 2015

Former AIG head Benmosche dies; led insurer after bailout

NEW YORK (Reuters) – Robert Benmosche, who headed insurer American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) after a massive government bailout at the height of the financial crisis, died on Friday at 70, the company said in a statement.

Benmosche, who was president and chief executive officer of AIG between August 2009 and September 2014, died at NYU Langone Medical Center in New York City. He had undergone treatment for lung cancer since 2010.

Feb 27, 2015

Icahn’s investment fund posts first loss since 2008 on oil plunge

NEW YORK (Reuters) – Billionaire activist investor Carl Icahn’s publicly traded investment fund posted its first annual loss since 2008 last year, undone by plummeting oil prices, the company said in a regulatory filing on Friday.

Icahn Enterprises LP (IEP.O: Quote, Profile, Research, Stock Buzz) lost $373 million, or $3.08 per depositary unit, in 2014, with much of it due to a loss of $478 million in the fourth quarter. Results were hurt by a halving of oil prices between June and December amid a global supply glut.

Feb 24, 2015

Gundlach’s DoubleLine debuts its first actively managed bond ETF

NEW YORK, Feb 24 (Reuters) – Jeffrey Gundlach’s DoubleLine
Capital launched on Tuesday its first actively managed
exchange-traded fund, the SPDR DoubleLine Total Return Tactical
ETF, contending with the Pimco Total Return Active
Exchange-Traded Fund which was previously run by Bill
Gross.

The SPDR DoubleLine ETF, or TOTL, will invest as much as 25
percent in corporate and sovereign high-yield debt, up to 15
percent in securities denominated in foreign currencies, up to
20 percent in non-agency residential mortgage-backed securities,
commercial MBS and asset-backed securities and a maximum of 25
percent in emerging markets, according to a filing with the U.S.
Securities and Exchange Commission.

Feb 20, 2015

Pimco chief economist Paul McCulley steps down

Feb 20 (Reuters) – Pimco said on Friday Paul McCulley had
stepped down as chief economist and as a managing director, a
role he had assumed in May at the request of Bill Gross, who was
the investment firm’s chief investment officer at the time.

The move comes just 10 days after Pacific Investment
Management Co hired former Morgan Stanley chief economist
Joachim Fels as its “global economic adviser” and a managing
director, an appointment that raised questions about McCulley’s
role at the Newport Beach, California-based firm, a unit of
German insurer Allianz SE.

Feb 13, 2015

Greenlight Capital scales back on Apple shares ahead of rally

NEW YORK Feb 13 (Reuters) – Hedge fund Greenlight Capital,
run by David Einhorn, cut its stake in Apple Inc by 6.2
percent to 8.6 million shares during the fourth quarter, ahead
of the iPhone maker’s strong rally this year, according to a
regulatory filing on Friday.

Apple shares are up 15 percent in the year to date. Its
stock market value ballooned this week beyond $700 billion,
larger than Switzerland’s gross domestic product

Feb 12, 2015

Pimco Total Return Fund focusing on 7- to 10-year maturities-CIO

NEW YORK, Feb 12 (Reuters) – The Pimco Total Return Fund,
the world’s largest bond fund, has moved its exposure into
longer maturing fixed-income securities, reflecting the belief
that the Federal Reserve will be slow to raise interest rates,
one of the fund’s co-managers said.

“We have moved our yield curve exposure out of what we think
is the significantly overpriced front end and focused our
exposure in seven- to 10-year maturities, Scott Mather said in
his latest research note.

Feb 11, 2015

Pimco’s flagship fund decreases U.S. govt-related holdings in Jan

NEW YORK, Feb 10 (Reuters) – The Pimco Total Return Fund
, the world’s largest bond fund, ended January with a
decrease in U.S. government-related holdings and increased its
holdings in mortgage securities, according to the Newport Beach,
Calif.-based firm’s website on Tuesday.

The Pimco Total Return Fund had 37.71 percent exposure in
U.S. government-related securities in January, down from 43.19
percent the previous month, and 30.27 percent exposure in
mortgages, up from 25.43 percent, according to Pacific
Investment Management Co’s website.

Feb 10, 2015

Pimco hires former Morgan Stanley chief economist Joachim Fels

NEW YORK, Feb 10 (Reuters) – Pimco said on Tuesday that
it has hired Joachim Fels, formerly managing director and chief
economist at Morgan Stanley, as the world’s biggest bond manager
continues to bolster its ranks after a leadership shake-up over
the last year.

Fels will join as a managing director and global economic
advisor, the Newport Beach, Calif.-headquartered Pacific
Investment Management Co said in a statement.

Feb 9, 2015

Pimco Emerging Market funds’ outflows slow in Jan -Morningstar

NEW YORK, Feb 9 (Reuters) – The Pimco Emerging Local Bond
Fund posted $5 million in inflows for January,
reversing the net withdrawals seen in the last few months of
2014, but outflows at other Pimco emerging market bond funds
continued, albeit at a slower pace, according to Morningstar
data provided on Monday.

Investors pulled $554 million in December and $312 million
the previous month from the $8.65 billion Pimco Emerging Local
Bond Fund, which invests primarily in local currency government
bonds, Morningstar said. At the end of January 2014, assets
under management stood at $10.73 billion.

Feb 3, 2015

Investors pull $11.6 bln from Pimco Total Return Fund in January

NEW YORK, Feb 3 (Reuters) – The abrupt departure of Bill
Gross continues to haunt Pimco as the giant bond management firm
on Tuesday disclosed that investors in January yanked $11.6
billion from the flagship fund that Gross previously oversaw.

While the cash withdrawal from the Pimco Total Return Fund
is a notable reduction from December’s net outflows of $19.4
billion, outflows have been increasingly rising since Gross’
exit on Sept. 26.