PIMCO had redemptions totaling $US2.49 billion in February, according to Morningstar — by far the most among the big fund families funds measured.
That’s actually down from January’s figure of $US5.657 billion in outflows.
Over the past 12 months, PIMCO has seen more than $US50 billion in outflows, Morningstar says.
PIMCO’s market share dropped 16 points month-over-month to 4.61%, though it remains the fourth-largest open-end fund in the U.S. Franklin Templeton is next with 3.91% of total market share.
Lately, PIMCO has attracted press for all the wrong reasons. After the unexpected resignation of CEO and Co-CIO Mohamed El-Erian, unflattering reports surfaced regarding Co-CIO Bill Gross’ unique and aggressive management style. That in turn led Gross to tell a Reuters reporter that El-Erian was trying to “undermine” him.
While these tabloid headlines have little to do with the firm’s investment style, investors and clients can’t help but wonder if all this is a big distraction for PIMCO’s analysts and managers.