Allianz Backs ‘Legend’ Gross as Pimco Fund Lags Behind
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Allianz SE, Europe’s biggest insurer and owner of Pacific Investment Management Co., is standing by Chief Investment Officer Bill Gross as his main fund trails peers and struggles with a record streak of investor redemptions, calling him an industry “legend”.
Gross, who runs Newport Beach, California-based Pimco, has given no indication that he will step down and is “even more invigorated” as Pimco begins to improve performance from its biggest fund, Jay Ralph, the German insurer’s management board member responsible for asset management, said in an interview.