Outflows from the Pimco total return fund during November slowed by 65% compared with October flows, to approximately $9.5bn for the month, according to the Allianz-owned fund manager.
The total return fund's assets stood at $162.8bn at the end of November. At its peak in April 2013, the fund totalled $293bn. The decline is largely linked to the departure of Pimco co-founder and manager of the total return fund, Bill Gross, who left the firm on 26 September (see Ivascyn replaces Gross as Pimco's group CIO, 29 September).
Pimco also reported that the total return fund in November delivered a net after-fee return of +1%, and excess returns above the benchmark of +0.29%, adding that the performance was +0.5% above the Morningstar intermediate-term bond average.
Daniel Ivascyn, group chief investment officer, said the returns were "a testament to our investment process and the talent of our investment professionals." He stressed that Pimco "is more than the total return fund," and said he was pleased that "85% of Pimco's US mutual fund assets outperformed their respective benchmarks over the last three years."
See also: €47bn of third-party assets leave Allianz in Q3, 7 November.