MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 3, 2009 Pimco Plays Offense While Competitors Rein Back Pimco's decision to leverage its fixed income reputation and jump into the ETF fray is winning it more ink in the Wall Street Journal. The paper devotes a follow-up story to Pimco's launch of its short-term U.S. Treasury ETF yesterday and how that launch and a dozen others this year is part of a strategy to grow its retail fund business. The paper reports that With its AUM clocking in at $756 billion, Pimco is the third largest retail fund firm. The 13 new funds opened over the past year push its total lineup to 65 funds. CEO Mohamed El-Erian says that the strategy is a "multiyear process" to add coverage of more asset classes and products. It also leverages the reputation built by Bill Gross, one of the few legitimate rock stars left in the fund industry. "We can play offense at a time when other people are playing defense," he told the paper. One troubled spot in Pimco's business has been its closed-end fund business that has been forced to deleverage because of the freeze up of the auction note market. Printed from: MFWire.com/story.asp?s=21697 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |