Pimco Total Return loses title as world's biggest bond mutual fund

London

THE Pimco Total Return Fund, launched by Bill Gross, has lost its title as the world's biggest bond mutual fund, following two years of withdrawals.

On Monday, Pacific Investment Management Inc said investors yanked another US$5.6 billion from its flagship Pimco Total Return Fund last month, bringing its assets to US$110.4 billion at the end of April. Cash withdrawals in April marked the fund's 24th consecutive month of net outflows.