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March 18, 2016 – The cost mutual funds charge investors is the lowest since at least 1996, according to new research from Washington, D.C.-based Investment Company Institute.
The Pimco Total Return Fund suffered an estimated $27.5 billion of withdrawals in its first full month after the Sept. 26 departure of Bill Gross, its worst month ever for redemptions.
BlackRock, the world’s largest provider of ETFs, said the products acted as “shock absorbers” after Bill Gross’s unexpected exit last month from Pimco.
Pimco seeking to stem redemptions after its co-founder Bill Gross left unexpectedly, was dropped as manager of a $6.16 billion strategy offered by a unit of Prudential Financial.