New York
EVENTS at Pimco this year have resembled a soap opera, but at this point, the spectacle is creating a real-life headache for retirement savers.
The Pimco Total Return bond fund, managed by William H Gross from its inception in 1987 through his abrupt resignation last month, is the most popular bond fund offered in 401(k) accounts, according to BrightScope, a retirement plan rating firm.
And there has been a solid reason for that: Returns, until recently, have been excellent. The fund is offered in nearly half of the more than 55,000 plans that BrightScope tracks, and 401(k) savers had US$88 billion riding on the fund at the end of 2012, the latest data available for 401(k) plans.
Now that...
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