Tags: Investors | Money | Funds | Gross | Pimco

Investors Flocked to Money Funds as Gross Left Pimco

Thursday, 02 Oct 2014 06:46 PM

Assets in U.S. money-market mutual funds rose at the fastest pace this year in the week Bill Gross abruptly departed Pacific Investment Management Co., triggering redemptions at the manager of the world’s largest bond fund.

Money fund assets climbed by $22.8 billion in the week ended Oct. 1, the Investment Company Institute, a Washington- based trade group, reported Thursday. The increase was the largest weekly advance in 2014, according to Peter Crane, president of Crane Data LLC, a Westborough, Massachusetts firm that tracks money market funds.

Pimco Wednesday said investors pulled a record $23.5 billion from Gross’ $201.6 billion Pimco Total Return Fund in September. The largest daily redemption occurred Sept. 26, the day of Gross’ departure, Newport Beach, California-based Pimco reported.

Rival bonds funds from DoubleLine Capital LP and TCW Group Inc., both in Los Angeles, experienced a surge of deposits following the Gross announcement. Gross joined Denver-based Janus Capital Group Inc. where he will run an unconstrained bond fund.

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Assets in U.S. money-market mutual funds rose at the fastest pace this year in the week Bill Gross abruptly departed Pacific Investment Management Co., triggering redemptions at the manager of the world's largest bond fund.
Investors, Money, Funds, Gross, Pimco
161
2014-46-02
Thursday, 02 Oct 2014 06:46 PM
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