Pimco's top investment officer said on Tuesday that "late decision makers" are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long. Dan Ivascyn, group chief investment officer for Pimco, said in an interview that many institutional investors take months to decide on and execute a reallocation from one fund or firm to another. Ivasycn's comments came as the firm reported another $8.6 billion of outflows in February from the Pimco Total Return Fund, bringing withdrawals to $76.6 billion since Gross moved from Pimco to Janus Capital Group Inc. "Not surprised by the outflows," Ivascyn said by phone from the firm's Newport Beach, California, headquarters.
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