When Bill Gross started Pimco’s most recent effort to expand into stocks three years ago, he vowed not to repeat the mistake he made in the 1980s, when his bond traders overwhelmed a handful of equity managers at strategy meetings, eventually prompting them to quit.
Pacific Investment Management Co., the bond-fund firm that last year began a push into equities, hired Maria Gordon from Goldman Sachs Group Inc.’s asset- management unit to start an emerging-market stocks group.
Bill Gross , who runs the world’s biggest mutual fund , takes a seat in a conference room and makes a confession. Overlooking the ocean at the headquarters of Pacific Investment Management Co., Gross describes missteps that doomed his bond firm’s experiment with equities in the mid- 1980s.
In a step toward more independence, Pacific Investment Management Co. is taking control of fund sales from parent Allianz SE after assets at the bond manager jumped sixfold since the takeover a decade ago.
Pacific Investment Management Co., the money manager best known for its bond funds, opened two new dividend-focused equity funds run by a pair of former Thornburg Investment Management Inc. executives.