Sept. 29 (Bloomberg) — Pacific Investment Management Co.'s Chief Executive Officer Douglas Hodge said the firm is expecting and is ready for client redemptions following the departure of co-founder Bill Gross.
In a conference call with analysts where he was joined by top executives at Pimco parent Allianz SE, Hodge said management changes have triggered reviews with some clients. Hodge said it is too early to estimate redemptions at the Newport Beach, California based firm.
Investors including the The California Public Employees' Retirement System, the largest U.S. pension, the Florida State Board of Administration, and New York City's five pension plans said they are monitoring the situation after Gross's surprise Sept. 26 announcement that he was joining Janus Capital Group Inc. Sanford Bernstein said in a report that day that Pimco could see withdrawals of 10 percent to 30 percent.
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