The PIMCO Total Return Fund, the largest mutual fund in history, peaked at $292,875,998,695 in April of 2013. So did its captain, Bill Gross. This may in fact be the most prominent example of the rise and fall of a blockbuster fund in history. It is my assertion that this $293 billion high water mark will not be reached again.
A new era for investment management is emerging. Complexity abounds, but it promises the potential to broaden business opportunities, create more stable revenue dynamics and provide greater client control. To understand where we are headed, we need to understand the ground we have covered.