Pimco Brass Calling Brokers to Protect Assets After Gross Exit

Pimco’s current management is manning the phones to keep assets at the firm in the wake of the departure of its founder Bill Gross. Pimco Chief Executive Douglas Hodge hosted a string of calls with financial advisers and brokers including Merrill Lynch and Morgan Stanley according to the Wall Street Journal. Meanwhile, Pimco Executive Vice President Joseph Deane told a group of 300 Morgan Stanley advisers in Miami that they should remain loyal to the firm. The Wall Street Journal reported Monday that Pimco, which is a unit of German insurer Allianz, suffered roughly $10 billion of withdrawals from the $2 trillion it oversees following the exit of Gross. TheStreet's Gregg Greenberg has details.