Time to terminate PIMCO Total Return?

Legendary bond fund manager, Bill Gross has announced his departure from PIMCO, the firm he founded in 1971, to join Janus Capital Group where he will manage a fixed income fund and related strategies. The 70-year-old Mr. Gross is widely viewed as one of the most influential bond investors of all time, having lead PIMCO’s growth into a $2 trillion bond powerhouse, led primarily by the $222 billion PIMCO Total Return fund he managed. This is a surprising end to the recent management drama that began at PIMCO this spring with the departure of co-CIO, Mohamed El-Erian.

North Pier’s Investment Committee is holding an emergency meeting this weekend to discuss its position relating to the effect on PIMCO Total Return. We view this as a significant event in our evaluation of the management of this fund. We will announce our full assessment of this news early next week.

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