Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world’s best-known bond investor and adding pressure on its rising stars to live up to his legacy.
Pacific Investment Management Co.’s loss of Neel Kashkari as head of global equities adds to the difficulties the bond manager faces in its push into stocks, a business with less than 1 percent of the firm’s assets.
O. Mason Hawkins and G. Staley Cates, having made Southeastern Asset Management Inc. the second-largest investor in Dell Inc., told clients last year the computer maker was worth more than its sliding stock price suggested when viewed as a private company.
Kenneth Heebner ranked as America’s No. 1 stock picker before losing his touch and most of his main fund’s assets. The 71-year-old manager, at the bottom of his peer group for the fourth year in five, hasn’t lost his swagger.
Bill Gross ’s Pimco Total Return Fund , the world’s largest mutual fund, was the second-biggest decliner among the largest U.S. bond managers in the past month as clients pulled money for the first time in two years amid a selloff in Treasuries.