World Economy

Pimco Slumps as $5.6b Withdrawn

Pimco Slumps as $5.6b WithdrawnPimco Slumps as $5.6b Withdrawn

Two years of client withdrawals at Pacific Investment Management Co.’s flagship have cost it the title of the world’s biggest bond mutual fund, Bloomberg reported. Investors pulled $5.6b from the Pimco Total Return Fund in April, after redemptions of $7.3b in March and $8.6b in February, according to estimates from the Newport Beach, California-based firm. With assets of $110.4b, the fund fell behind the index-tracking Vanguard Total Bond Market Index Fund, which had $117.3b as of April 30, according to preliminary data. Pimco has suffered more than $110b of outflows from the fund, which reached a peak of $293b in April 2013.