The headquarters of investment firm Pimco in Newport Beach, Calif.LORI SHEPLER/Reuters
The rush of money leaving Pacific Investment Management Co. is easing up.
Assets under management at Pimco were $1.47-trillion (U.S.) as of September, little changed from $1.52-trillion as of June 30, the Newport Beach, California-based company reported on its website. It was the smallest percentage drop since co-founder Bill Gross departed.
Pimco was hit with a wave of redemptions after Gross suddenly left the firm in September 2014. Investors pulled money from Pimco's mutual funds and institutional accounts, creating a windfall for other bond managers including TCW Group and DoubleLine Capital, both of Los Angeles.
Pimco had $1.97-trillion in assets as of June 30, 2014, and $1.88-trillion at Sept. 30, 2014, shortly after Gross left to go to Janus Capital Group Inc., where he manages the $1.38-billion Janus Global Unconstrained Bond Fund.
Total Return Assets in the Pimco Total Return Fund, which had been run by Gross for decades, fell to $95.5-billion as of Sept. 30, down from $201.6-billion a year earlier.
Gross earlier this month sued Pimco and parent Allianz SE for "hundreds of millions of dollars," claiming he was wrongfully pushed out of the firm. Pimco has said the suit has no merit.
Agnes Crane, a spokeswoman for Pimco, declined to comment on the firm's asset levels.