Allianz Won't Sell PIMCO as Billions Go With Bill Gross to Janus

Pimco reportedly suffered about $10 billion of withdrawals on Friday following the news that co-founder Bill Gross is leaving to manage the Janus Unconstrained Bond Fund.
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Pacific Investment Management Company reportedly suffered about $10 billion of withdrawals on Friday following the news that co-founder Bill Gross is leaving to manage the Janus Unconstrained Bond Fund. Morningstar equity analyst Vincent Lui believes even more outflows are to come. He said, 'We expect to lower our fair value estimate, as it is likely that tens of billions, if not hundreds of billions in assets under management, will follow Gross to Janus from Allianz.' Allianz head of asset management Jay Ralph told the Financial Times, 'Bill's departure will have absolutely no impact on the Allianz relationship with Pimco. We have no plans to sell Pimco.'