Pacific Investment Management Co. investors withdrew approximately $10 billion in assets following Friday’s announcement that co-founder Bill Gross is leaving for Janus Capital Group, sources within the firm told the Wall Street Journal, echoing analysts’ predictions that it will lose at least $100 billion total. Meanwhile, shares of Janus rose as much as 40 percent on the news that Gross is starting there today, Fortune reports.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Bill Gross Leaves Pimco, ‘Would Have Been Fired’
- Allianz CEO Steps Down
- Fund Rose 100-fold Since Gross Came Aboard
- Janus Money Came From Brokerage Tied to ‘Bond King’
- More Subprime Pain in Store
- Pimco's Gross Seeks Push Beyond Bonds
- Old-Guard Fund Sees Investors Bond With Rival
- Bill Gross Promises to Do Better