Bill Gross '66 leaving PIMCO

[cspan37421]

Bill Gross, founder of Pacific Investment Management Company (PIMCO), is leaving after 41 (43?) years to join Janus. PIMCO's Total Return bond fund is the largest fixed-income mutual fund in the world.

http://dealbook.nytimes.com/2014/09/...to-join-janus/

It has been an erratic year for Gross and the fund, and the SEC is investigating some asset pricing in an ETF.

http://www.reuters.com/article/2014/...0HJ06G20140924

full disclosure: some of my retirement investment funds are with PIMCO total return.

I understand (and hope) they have a deep bench of talent. I've been impressed with industry presentations done by PIMCO people before. Here's hoping for calmer waters ahead (though bonds are really quite dearly priced these days, so I'm not sure that's possible!).

[YmoBeThere]

Things have been turbulent there for the last year or so. The larger question really is was he the source of the turbulence?

Allianz appears to be going through its own "turmoil". They recently announced their intent to exit the Personal Lines portion of their Fireman's Fund business. It is a very high end book of business that has struggled over the last year or two. They are too small and likely require too much investment to stay current technology wise. Not that technology is a big driver at that end of the market, however without improved technology their growth prospects are limited.