Bezos's comments give a rare glimpse into his interest in the auto industry. Amazon recently invested in two self-driving start-ups.Technologyread more
While investing often seems like a contrarian game where going against the flow feels like the better bet, the reality is that investors who bought the most-favored stocks...Hedge Fundsread more
"We are now embarking on a new Long March, and we must start all over again!" Xi Jinping said.Marketsread more
The launch comes as Apple's laptops have been criticized for a keyboard design that users say breaks easily and results in key presses resulting in doubled-up characters or...Tech Driversread more
Craig Irwin of Roth Capital Partners said Apple tried to buy Tesla six years ago for a higher price than where the stock now trades.Technologyread more
The White House has threatened to slap tariffs on apparel and footwear, leading retailers to speak out about how this would hurt business.Retailread more
Connecticut state Sen. Alex Bergstein's divorce case with her husband, Morgan Stanley managing director Seth Bergstein, has exposed her new romantic relationship with her...Politicsread more
Former Facebook executive Alex Stamos said Mark Zuckerberg should hire a new CEO and turn his focus to building products.Technologyread more
Comcast is working on a device to monitor people's health at home, as well as some media and communications services, according to people familiar with the plans.Technologyread more
As shopping has shifted online and styles have evolved, Ascena has been grappling with sagging sales and a large debt-load. Looking to stem the losses, Ascena is turning to...Retailread more
Stock pickers are having their best year in a decade, according to Bank of America Merrill Lynch.Marketsread 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.