You have likely heard or read recently that PIMCO founder Bill Gross has left the company. While the fund will likely see large outflows, we think this will have minimal impact on your account as they have a material amount of liquidity and the bonds they hold are marketable.
Please know that The Trust Company investment committee is currently discussing Gross’s departure with our investment consultants. We will most likely be making a change, but we want to do so with proper consideration. As a result of several changes we made over the years, adding global bonds and decreasing duration, Pimco Total Return is a much smaller piece of the fixed income portfolio than it once was.
Please let us know if you have any questions. Your relationship manager is carefully monitoring your accounts and will advise you on any suggested changes regarding these developments.