Investors desert PIMCO; Ex-chief El-Erian explains departure

Last week, Bill Gross announced his plans to leave investment firm PIMCO.

And, already, the firm’s investors have withdrawn about $10 billion, as reported by Reuters and The Wall Street Journal.

Reuters adds, “Withdrawals were widely expected after the exit of Gross, one of the company’s co-founders…Gross had managed the $222 billion PIMCO Total Return Fund, the world’s largest bond fund.” Read more.

Also hitting headlines is news of why 56-year-old Mohamed El-Erian stepped down last year from his position as former chief executive of the PIMCO investment fund.

At the time, there were rumours of tension between him and Gross, reports U.K. news outlet The Independent. But now, he’s opened up about how his daughter influenced his decision to change his career.

Turns out, she presented him with a list the top moments in her life he’d missed due to work. This was a wake-up call that led him to take on several part-time investment roles. Read more.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.