Bill Gross and Larry Fink manage a $3 trillion pile of bonds -- an amount almost as big as Germany’s economy. Their firms, Pacific Investment Management Co. and BlackRock Inc., doubled holdings since 2008, outpacing the market’s growth of 50 percent.
Bill Gross just can’t catch a break. As investors flock to funds designed to make money even if interest rates increase, Gross’s Pacific Investment Management Co. is alone among the biggest bond managers in suffering withdrawals from the strategy.
Pacific Investment Management Co., which manages the world’s largest bond fund, is turning bullish on Brazil’s debt markets, saying investors are ignoring the “long-term strength” of Latin America’s biggest economy.
More than two months after Pacific Investment Management Co.’s former Chief Executive Officer Mohamed El-Erian announced his resignation from the world’s biggest bond manager, Bill Gross is still looking for a reason.