NEW YORK (Reuters) – Pimco’s top investment officer said on Tuesday that “late decision makers” are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long.
Dan Ivascyn, group chief investment officer for Pimco, said in an interview that many institutional investors take months to decide on and execute a reallocation from one fund or firm to another. As a result, it is not surprising that outflows persist so long after Gross’ departure in late September.
NEW YORK (Reuters) – Investors yanked another $8.6 billion from the Pimco Total Return Fund last month, Pimco said on Tuesday in the latest indication the firm’s flagship fund is still reeling from the sudden departure of co-founder Bill Gross last September.
February’s outflow, the 22nd straight month of withdrawals, compared with $11.6 billion the previous month. The fund had assets under management of $124.7 billion at the end of February, down from a peak of $292.9 billion in April 2013.
NEW YORK, March 2 (Reuters) – DoubleLine Funds, an
investment firm that has been a major competitor to bond fund
Pimco, on Monday reported a net inflow of $1.59 billion in
February, compared with a record net inflow in January of $3.04
The Los Angeles-based firm, co-founded by Jeffrey Gundlach,
said the DoubleLine Total Return Bond Fund, the firm’s largest
fund by total assets, also saw inflows in February though lower
than the previous month.
NEW YORK (Reuters) – Warren Buffett, at a news conference in Bengaluru in 2011, lavishly praised Berkshire Hathaway executive Ajit Jain for smoothly running much of the conglomerate’s insurance businesses.
Buffett, the billionaire chief executive officer and chairman of Berkshire, said he would also support Jain if ever he decided to seek Buffett’s post.
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.
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.
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
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 (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.
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
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.