NEW YORK (TheStreet) -- Shares ofaPacific Investment Management Company (PIMCO)a plunged to a 52-week low of $11.11 in morning trading Friday after Bill Gross, the so-called "bond king," announced he would depart the company foraJanus Capital Groupa . Gross served as bond manager at PIMCO for 43 years. He said increasing administrative duties at PIMCO distracted from his work in investment management. PIMCO thanked Gross for his timeain a statement but also said it hada"fundamental differences" with his leadership. Gross will manage a new fund called the Janus Global Unconstrained Bond Fundaat his new company. Must Read:aBill Gross Departs PIMCO Amid 'Fundamental Differences' Over Leadership STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. "I chose Janus as my next home because of my longstanding relationship with and respect for CEO Dick Weil and my desire to get back to spending the bulk of my day managing client assets," Gross said in a statement. "I look forward to a mutually supportive partnership with Fixed Income CIO Gibson Smith and his team; they have delivered excellent results across their strategies, which deserve more attention." The stock was down 8.43% to $11.40 at 10:55 a.m. More than 8.8 million shares had changed hands, compared to the average volume ofa641,225. PHK data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Click to view a price quote on PHK. Click to research the Financial Services industry.
from Latest TSC Headlines http://ift.tt/ZXirJT
No comments:
Post a Comment