Bill Gross , co-chief investment officer at Pacific Investment Management Co., recently bought $100 million of shorter maturity BP Plc bonds and some Anadarko Petroleum Corp. debt, spokesman Mark Porterfield wrote today in an e-mail.
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.
Pacific Investment Management Co.’s 13-month-old exchange-traded fund is attracting more cash than the firm’s flagship Total Return mutual fund as investors join Bill Gross in preferring ETFs for bond investing.
John Hague , who helped Bill Gross build Pacific Investment Management Co. into the manager of the biggest mutual fund, is recruiting former colleagues for a firm to pursue more aggressive strategies as the bond rally fizzles.