Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the worldâ??s best-known bond investor and adding pressure on its rising stars to live up to his legacy.
Gross is overseeing a smaller share of Pimcoâ??s mutual-fund assets and pulling in less of its cash. His $289 billion Pimco Total Return Fund (PTTRX) got 19 percent of Pimcoâ??s new mutual-fund deposits in the two years ended March 31, down from 42 percent in the prior period and 79 percent before that, Morningstar Inc. (MORN) estimates. The portion of mutual-fund assets run by Gross fell to 63 percent as of March 31 from 84 percent a decade ago.
Read Full Article »