Bill Gross associate Paul McCulley is stepping down as Pimco's chief economist and managing director.» Read More
NEW YORK, Sept 29- Shock and disbelief lingered at Pimco's sleek Newport Beach, California, headquarters on Monday, 72 hours after the investment firm was rocked by the sudden defection of co-founder Bill Gross to far-smaller rival Janus Capital Group. "We lost Mohamed El-Erian in January and now Bill Gross.
*Allianz not planning closer Pimco oversight. FRANKFURT/ NEW YORK, Sept 29- Top executives of Pimco and its German parent, Allianz SE, scrambled on Monday to stem the outflow of money after the stunning exit of star bond manager Bill Gross last week, but even after months of internal strife Allianz said it plans to let Pimco continue to steer its own ship.
With all the buzz around bond indexes, the next big thing for mutual fund investors may be strategies that are the exact opposite.
Bonds gained as civil unrest in Hong Kong weighed on stocks and the yield curve flattened as investors bet that econ data would continue to improve.
FRANKFURT/ NEW YORK- Officials from Pimco and its German parent Allianz scramble to contain the fallout from star bond manager Bill Gross' stunning exit last week, and money continues to leave the firm, giving a huge boost to rival bond houses like DoubleLine, which saw record inflows. Canada's Encana to buy Athlon Energy for $5.93 bln.
After the spectacular blowup and exit at Pimco, a lot of people say Bill Gross is crazy. He's many things—but crazy he is not, says Ron Insana.
*Allianz CEO Diekmann says "fully committed" to Pimco. FRANKFURT, Sept 29- Allianz said on Monday it remained fully committed to its Pimco unit after the shock exit of co-founder Bill Gross and had no plans to step up oversight of the world's biggest bond investor despite months of turmoil that has hit the German insurer's shares.
Officials from Pimco and Allianz looked to downplay the loss of Gross, who founded the firm 43 years ago.
*Allianz says Gross departure does not change Pimco relationship. FRANKFURT, Sept 29- German insurer Allianz says it has no plans to increase oversight of its California- based investment unit Pimco after the shock departure of co-founder Bill Gross sent shares in the Munich- based parent tumbling at the end of last week.
Sept 28- Pimco CEO Doug Hodge said on Sunday that Pimco is moving away from a founder-led model and that the Newport Beach, California- based firm's flagship fund previously run by co-founder Bill Gross "does not define Pimco."
In a wide-ranging conversation, Bogle held forth on the Federal Reserve, hedge funds, and how individuals can "own their age."
NEW YORK, Sept 27- For Bill Gross, quitting Pimco's $222 billion Total Return Fund to take over a $13 million fund at Janus Capital is like resigning the U.S. presidency to become city manager of Ashtabula, Ohio, population 18,800..
"I'm telling you, it didn't get a lot of attention, but this is what made the market go up," Cramer said.
The sudden exit of Bill Gross from Pimco sparked a knee-jerk selloff in the Treasury market, a drop in Pimco closed-end funds and rallies in competitors' shares.
Bond guru Bill Gross is joining Janus Capital Group, effective Sept. 29, the company announced Friday.
Up and down Wall Street stunned investors were scratching their heads and asking one another "What happened?"
NEW YORK, Sept 26- Bill Gross' abrupt departure from Pimco, the giant bond firm that he co-founded more than four decades ago, was preceded by months of clashes between the star investor and the firm's executive committee that got progressively worse, according to sources familiar with the situation.
*Gross exits Pimco, joins Janus Capital; bond prices fall. News that Gross, a Pimco co-founder who managed the $222 billion Pimco Total Return Fund, will be joining Janus Capital Group pressured short- and intermediate-dated U.S. Shares of Janus Capital ended up 43 percent at $15.89, the stock's best one-day advance in its history.
*Pimco CIO Bill Gross joins Janus Capital. Treasuries prices dipped Friday on news that Pimco Chief Investment Officer Bill Gross is joining rival Janus Capital Group, which spurred concerns Pimco may have to sell Treasuries if investor redemptions at the firm increase.
Stocks rose sharply on Friday, rebounding after Wall Street's hardest knock in nearly two months.