Pimco crashes out of Europe’s top 25 list of biggest selling funds

 
Michael Bow
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PIMCO, the world’s biggest bond manager, has fallen from its perch as Europe’s best-selling fund manager, cementing a torrid few months for the US-based firm.

The group, which has UK offices near Baker Street, fell from being the company with the best-selling funds to outside the top 25 last year, according to fresh figures from Lipper. Pimco, which recorded sales of €34bn (£28.4bn) in 2012 making it number one, lost its crown to BlackRock which notched up €32.5bn of sales in Europe in 2013.

Pimco has been beset by large outflows by clients due to fears over the steady withdrawal of monetary stimulus by central banks.

The departure of chief executive Mohamed El-Erian and reported tensions with Pimco founder Bill Gross has also taken the shine off the once-glittering company.

Pimco has consistently made it into the top five biggest selling funds across Europe since 2010, according to the figures from Lipper, adding to the gravity of the fall outside the top 25. Pimco’s global investor series income fund was the fourth best selling bond fund in Europe in 2013, the data shows, much lower than its previous placing.