Pimco owner Allianz has no plans to sell the bond fund after the surprise departure of Bill Gross.
Gross’s second in command Daniel Ivascyn will takeover the running of the fund manager, however Allianz said a reshuffle at the top will not change the relationship between itself and Pimco.
Allianz board member and head of asset management Jay Ralph told the FT: “We have the exact same control over Pimco we have had for 10 years. We have no desire to change that. Bill’s departure will have absolutely no impact on the Allianz relationship with Pimco… We have no plans to sell Pimco.”
Pimco has run into a number of difficulties this year, including another high-profile departure and an investigation by the US Securities and Exchange Commission.
Mohamed El-Erian, Pimco's chief and widely tipped heir apparent to Gross, departed in January to become chief economist at Allianz.
Shares in the german insurer dipped seven per cent on Friday after the news of Gross’s exit.