Updated from 10:45 a.m. ET with Pimco and Allianz comments.
NEW YORK (TheStreet) -- Research firm Morningstar doesn't believe Bill Gross's surprise departure from Pimco will pose an immediate risk to the firm's flagship Pimco Total Return Fund (PTTAX) mutual fund.
That bond fund, which had been managed by Gross since 1987, has had about $10 billion in outflows since the announcement on Friday of Gross's surprise move to Janus Capital Group (JNS) .
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"We do not believe that these changes of Bill Gross's departure cause an imminent risk of significant outflows from the fund," said Morningstar's Michael Herbst, director of manager research for active strategies in North America.
As of Friday, the fund had $221 billion in assets under management.
Herbst said Pimco's Total Return Fund owns highly liquid fixed-income assets, meaning that only a sustained rise in outflows would cause the performance of Gross's Total Return Fund to suffer, potentially affecting broader fixed-income markets.
Morningstar has withdrawn its ratings on the Total Return Fund as it weighs the impact of Gross's departure and Pimco's appointment of Mark Kiesel, Mihir Worah and Scott Mather to manage the fund.
"We are very familiar and very comfortable with these three managers," Morningstar's Herbst said of the promotions. Kiesel was Morningstar's manager of the year in 2012. Worah is an expert in real estate and Mather an expert in global bond allocation.
Sweeping Change at Pimco
On Friday evening, Pimco made a series of promotions and new assignments in an effort to respond quickly to Gross's departure and restore investor confidence in the over $2 trillion bond fund manager.
Daniel Ivascyn, a long-time top manager at Pimco, was appointed the firm's group chief investment officer, while five other portfolio managers were given CIO roles.
The firm elected Andrew Balls, Virginie Maisonneuve, Kiesel, Mather and Worah as CIOs. Worah will also work with Balls to manage Pimco's trading floors globally. Ivascyn will work with portfolio managers Saumil Parikh and Mohsen Fahmi to manage Pimco's Unconstrained Bond Fund.
"The management and investment structure put in place in January as well as the thorough succession planning gives us complete confidence in PIMCO's investment and executive leadership team," Allianz CEO Michael Diekmann said in a statement.