Renowned bond king Bill Gross has fallen, but Wall Street’s new king is not who you might think.
On Tuesday, Wall Street Journal gave the crown title to Vanguard’s Joshua Barrickman, as his bond mutual fund makes strides to overtake the reigning giant Pacific Investment Management Co. in size.
PIMCO and Bill Gross have held the top spot in assets under management for 17 years, but many investors started pulling their money in the past couple years, and Gross left the company for Janus Capital Group in September.
Now Vanguard’s Total Bond Market Index fund has $US114.9 billion in assets, only $US10 billion short of PIMCO’s Total Return fund at $US124.7 billion.
Jeff Gundlach, another prominent bond expert, oversees about $US60 billion in assets at his firm DoubleLine Capital. He’s definitely more famous than Barrickman, but if we’re talking about pure assets under management here, Barrickman has him beat.
According to the WSJ article, Barrickman is the opposite of Gross, who made frequent TV appearances and outbursts at work. In contrast, even some of Barrickman’s clients haven’t heard of him.
Barrickman told the WSJ he had no interest in stepping into Gross’ former spotlight. “That’s not my style,” he said.
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