Pimco has accounted for half of the 10 funds with the biggest outflows so far this year – bleeding more than $100bn – as rivals snatched market share from the world’s largest bond manager while it struggled to contain management infighting.
Five of the 10 funds with the heaviest customer redemptions this year are run by the California company, and several more have suffered multibillion-dollar outflows. The data highlight how Pimco’s weak performance began before the resignation in September of founder Bill Gross and extends beyond the funds that he personally managed.
Mr Gross’s former Total Return and Unconstrained Bond funds top the list of biggest redemptions in 2014 so far, with Pimco funds investing in high-yield bonds, leveraged loans and equities also suffering heavy withdrawals.