PIMCO sheds quarter of assets after Gross departure
The departure of PIMCO founder Bill Gross resulted in outflows from the group of more than a quarter of its worldwide assets in the space of a few months in the close of last year.
According to data released by Morningstar, PIMCO experienced outflows of $176 billion worldwide last year, or around 26 per cent of its 2013 assets, much of that brought on by the announcement in September 2014 that Gross would leave the firm he co-founded in 1971 and head to Janus Capital Group.
Morningstar also stated that outflows from the PIMCO Total Return reached $96.1 billion in the space of only five months after the announcement of Gross' departure.
In the same data Morningstar also stated that Vanguard was now the largest provider of managed funds worldwide and the second-largest provider of exchange traded products in the world with around $3 trillion. Of this number $900 billion was in actively managed funds making Vanguard the third-largest active fund manager in the world.
Morningstar stated that Fidelity and a combined BlackRock and iShares were the second and third largest fund management groups on the world, respectively with BlackRock and iShares having produced organic growth rates above 10 per cent on both the active and passive sides of the business.
AUTHOR
Jason Spits
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
