Christine Reid punched the air when she heard Britain plans to tear up the limits on what people can do with their pension savings. Instead of relying on a “paltry” income, she can now invest in property.
Bill Gross’s Pacific Investment Management Co., which suffered record redemptions from its main mutual fund last year, was dropped as manager of a $1.3 billion bond fund offered by Columbia Management Investment Advisers LLC.
Pacific Investment Management Co. was replaced by TCW Group Inc. as the manager of a $1.3 billion bond fund offered by Columbia Management Investment Advisers LLC, as the world’s biggest bond firm reorganizes management and faces client redemptions.
California’s Assembly passed limits on long-term bonds that have saddled school districts with debt of as much as 10 times the principal after financing new classrooms in years of slumping property values.
California capped the total interest costs on capital-appreciation bonds issued by school districts at four times the amount borrowed to rein in the financing method that Treasurer Bill Lockyer called “abusive.”
AMP Capital Australian Corporate Bond Fund, which outperformed its peers over the past decade, prefers U.S. and European banks to the South Pacific nation’s lenders on improving economic prospects in those two regions.