Analysts agreed in saying that the reason why Allianz SE shares went significantly up because of the unexpected announcement of Bill Gross’ leaving Pimco to begin a new fund at Janus Capital Group. Gross is the former Pimco co-chief investment officer since November 2011.
Allianz shares found relief with the scrambling that happened in Pimco, the company busy trying to assure its clients that regardless of the leaving of Gross they would still have a bright future.
In a statement that Pimco Chief Execute Douglas Hodge gave, he said that he’s very confident that the majority of the clients of the company are still going to stay, Pimco having around $2 trillion assets under its supervision.
Named as the new group chief investment officer of Pimco, Daniel Ivascyn, said that he will follow a team-management approach in the company. Three chief investment officers will be assigned now to run the $222 billion Total Return Fund that used to be ran by Bill Gross.
According to insiders, it’s possible that there has been turmoil at Pimco since two executives already left the company this year, the first one being co-CEO Mohamed El-Erian.
The Total Return Fund of Pimco, BOND, +0.20% the largest bond fund in the world, closed at 0.3% in U.S. trade last Fridays session.