THINK TANK

Want Scalability? Think Multi-Asset.

The middle is a tough place to be for investment managers these days. Once the lifeblood of large shops, narrow ‘core’ products have lost the interest of investors. The titan funds built in the 1990s and 2000s are in net redemption – well below their peak AuM levels. These funds are now part of a legacy book of business associated with a former era. Now the question for these funds is less about growth and more about retention.

King Gross – an Unintentional Abdication

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.