Tags: Ford | Pimco | Total | Return | 401k

Ford Motor Will Drop Pimco Total Return Fund from 401(k) Plan

Tuesday, 21 Oct 2014 05:45 PM

Ford Motor Co. said on Tuesday the company will drop the Pimco Total Return Fund from its 401(k) plan as a result of the sudden departure of Bill Gross.

Ford said in a statement to Reuters: "Ford Motor Company constantly monitors and assesses the performance of its investment lineup. Effective Nov. 14, 2014, the Pimco Total Return Fund is being removed from Ford's investment lineup."

Ford said participant balances and future contributions will be transferred to the Bond Index Fund, which is invested in a collective investment fund through the BlackRock Institutional Trust Company.

Gross, one of the bond market's most renowned investors and the former manager of the flagship Pimco Total Return Fund, quit Pimco for distant rival Janus Capital Group Inc. According to two sources familiar with the matter, he was expected to be fired the next day from the firm he helped launch more than four decades ago and built into a $2 trillion investment powerhouse.

Ford said, "This decision was made after the recent resignation of Bill Gross, Pimco's chief investment officer and portfolio manager. If interested, employees can transfer out of Pimco Total Return Fund at any time prior to Nov. 14."

Pimco did not immediately respond to requests for comment.

© 2017 Thomson/Reuters. All rights reserved.

 
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Ford Motor Co. said on Tuesday the company will drop the Pimco Total Return Fund from its 401(k) plan as a result of the sudden departure of Bill Gross.
Ford, Pimco, Total, Return, 401k
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2014-45-21
Tuesday, 21 Oct 2014 05:45 PM
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