Pacific Investment Management Company (PIMCO) is no longer the largest bond mutual fund as rival Vanguard Group shows healthier economic results, according to April’s data announced on Monday.
The unexpected departure of founding manager Bill Gross, triggered a wave of investor departures. As a result, the investor capital began to decline. According to reports, clients withdrew a total of $5.6 billion from the bonds fund.
The fund is now down about 62% from its peak of $293 billion in April 2013, reports Market watch.
Stealing the title, companies report that Vanguard had $117.3 billion in assets at the end of last month as compared with $110.4 billion for the Total Return.
Additionally, PIMCO announced that the former Federal Reserve chairman, Ben Bernanke has been elected as senior adviser for the firm earlier this week.
Bernanke currently works as an advisory for many firms however, he recently stated that he will limit his Wall Street advisory duties to two firms.
"I remain full time at Brookings. I am not an employee of either firm. I am an outside senior adviser," he said