New York
THE king may have departed, but at Pimco, his investment thesis lives on.
While executives at the shaken bond giant are moving quickly to distance themselves from the flashy (and at times divisive) style popularised by its co-founder and public face, William H Gross, they have embraced his recently minted view that a stagnating global economy will force central banks to keep interest rates low.
Yet even as Pimco's top executives seek to reassure jittery mutual fund holders and giant pension funds, investors do not seem to be listening.
An estimated US$23.5 billion was withdrawn in September from Pimco's flagship, the Total Return Fund - the most ever redeemed from that fund - Pimco said...
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