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.
In June 2008, American International Group Inc. was desperately trying to figure out what to do with its $80 billion in money-losing credit-default swaps, which were backed by mortgages. Then Larry Fink came calling.
Anthony Scaramucci’s SkyBridge Capital says the rout in emerging-market stocks will deepen, pitting the firm against calls by BlackRock Inc. and Templeton Asset Management that shares are cheap and will lure buyers.