Bill Gross, the founder and co-head of PIMCO (perhaps the
world's largest manager of bond mutual funds) has left the firm and joined
Janus Capital Group. He starts next
week.
My job here is to figure
out if we should continue using our PIMCO mutual funds. I think the answer is going to be Yes, but
I'm working to make sure I am still comfortable with each fund we are using.
I won't offer too much speculation here, but what I do know
is that Gross founded PIMCO and built it into a huge, and hugely successful and
greatly respected firm, that PIMCO is owned by Allianz (a German
insurance/financial giant), and that Gross' former co-leader at PIMCO left
PIMCO last year but retained a high-level position at Allianz. Gross maybe had to jump ship from his own
company, or maybe he got pushed out. The
man is a true billionnaire and so this probably is not about his
compensation. Anyway, that's where I
start to get into spectulation…
PIMCO has a lot of
great talent, several of the PIMCO mutual funds I use for my clients were not
actually managed by Bill Gross, and we can get out of any PIMCO product we want
at any time.
So, please contact me with questions, and I'll be back in
touch about whether I want us to stick with our PIMCO funds.
Thank you, and happy Friday!
--Gary
Gary
Partoyan
Potomac Wealth
Strategies, LLC
(703)
746-8195 direct
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