Pimco became the best-selling asset manager in the first half of 2017, according to a report in the ‘Financial Times’.
US-based Pimco, the world’s largest bond manager, experienced active fund flows of almost US$50 billion (€42.6 billion) in the first half of the year.
The change in fortunes for the fixed-income specialist comes less than three years after the departure of star fund manager Bill Gross, after which Pimco’s total assets fell by a third.
Data compiled for the ‘Financial Times’ by Morningstar shows that Pimco now manages $1.6 trillion, down from $1.9 trillion in 2014 when Gross, Pimco’s founder, left to join Janus Capital.
Much of the new money has flowed into Pimco’s Income Fund, which now stands at $130 billion and is managed by Dan Ivascyn, who replaced Gross as the firm’s chief investment officer.
While the inflows data makes Pimco the best-selling active fund manager for the first half of 2017, the firm is third overall globally behind BlackRock and Vanguard, which have large passive fund ranges.
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