While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia mostly traded higher Tuesday morning as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
Pacific Investment Management Co. suffered a record $27.5 billion in withdrawals from its flagship Pimco Total Return Fund in October, extending large net outflows following Bill Gross' surprise resignation from the firm.
The redemptions surpassed the $23.5 billion reported in September, according to a statement on Tuesday from Newport Beach, California-based Pimco. Its main fund, the world's biggest bond mutual fund, now has $170.9 billion in assets, down from a peak of $293 billion in 2013.
Gross, who managed the Pimco Total Return Fund and co-founded the firm over 40 years ago, resigned on Sept. 26 to join rival Janus Capital Group.
Pimco - which had assets under management of $1.876 trillion as of Sept. 30, representing a 5 percent drop in the third quarter - has been aggressively reassuring clients through meetings, conference calls and advertisements that the firm remains committed to the same investment strategies following Gross' exit.
"With Bill's recent decision to resign, the perception has been that there has been a dramatic shift at Pimco," Pimco CEO Doug Hodge said in a letter to clients last month. "However, the reality is that while Pimco has evolved into a globally diversified investment company, our DNA is fundamentally unchanged."
Gross' exit, eight months after his top deputy, Mohamed El-Erian, quit amid acrimony, has quickened speculation in the bond market about leadership stability and further outflows into the new year.
Pimco said outflows from the Pimco Total Return fund slowed considerably during the month of October, with nearly half of the $27.5 billion of outflows occurring in the first five trading days.
"Unfortunately, new management will need to convince shareholders that the process has not changed but performance has improved," said Todd Rosenbluth, S&P Capital IQ's director of mutual fund and ETF research. "But many investors viewed the Gross departure as reason to reconsider investing in Pimco Total Return. For many, the review process takes time, so outflows could persist as investors identify other funds with stronger records under current management."
David Schawel, vice president and portfolio manager of Square 1 Financial noted: "Eventually though, flows will be driven by performance and the new perception of leadership."
Jeffrey Gundlach's DoubleLine Funds, an investment firm that has been a major rival to Pimco, reported its ninth consecutive month of inflows in October, totaling $2.38 billion, a record for monthly inflows so far this year.
The DoubleLine Total Return Bond fund is posting returns of 5.94 percent year to date, beating 87 percent of the peers in its category, according to Morningstar data.
The Pimco Total Return Fund is posting returns of 4.07 percent for the same period, trailing 79 percent of its peers, according to Morningstar.
On Monday, Pimco rehired Marc Seidner as chief investment officer of non-traditional strategies, the sixth CIO named since El-Erian's departure.