Pimco replaced by TCW as manager of $1.3B bond fund

The fund, previously known as the Pimco Mortgage-Backed Securities Fund, will become the TCW Core Plus Bond Fund, according to a statement today from Los Angeles-based TCW.
APR 03, 2014
Pacific Investment Management Co. was replaced by TCW Group Inc. as the manager of a $1.3 billion bond fund offered by Columbia Management Investment Advisers LLC. The fund, previously known as the Pimco Mortgage-Backed Securities Fund, will become the TCW Core Plus Bond Fund, according to a statement today from Los Angeles-based TCW. The fund, offered within a variable annuity strategy from Columbia and created in 2010, invested in highly rated mortgage securities and sought to provide investors with total return through income and capital appreciation. Pimco, based in Newport Beach, Calif., has been under pressure in the past 12 months amid investor withdrawals from its mutual funds and underperformance by its largest fund, Bill Gross’s Total Return. Former Chief Executive Officer Mohamed El- Erian said in January he was leaving the firm, which triggered a management shakeup, and led to reports of Mr. Gross as an autocratic leader. Carlos Melville, a spokesman for Columbia Management, declined to comment on the change. Mark Porterfield, a spokesman for Pimco, didn’t immediately respond to an e-mail. Columbia, which manages $356 billion in assets and is a unit of Ameriprise Financial Inc., offered the bond strategy within its Columbia Funds Variable Series Trust II . (Bloomberg News)

Latest News

Modera, Simplicity announce new acquisitions in busy day for industry M&A
Modera, Simplicity announce new acquisitions in busy day for industry M&A

Two RIAs expand their geographic footprints with deals in New York's Capital Region and coastal Alabama.

Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets
Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets

A 27-year Merrill veteran, Florida advisors, and a trio of New Jersey advisors just moved to new platforms.

LPL Research launches 17 model portfolios, hitting $100B in AUM
LPL Research launches 17 model portfolios, hitting $100B in AUM

Broker-dealer expands its model portfolio platform with modular building block strategies designed to give advisors greater customization at scale.

Wealth Enhancement adds $592M Chicago-area RIA
Wealth Enhancement adds $592M Chicago-area RIA

The mega-RIA with roughly $160 billion in client assets remains firmly in acquisition mode amid rumors of private equity giants vying to scoop it up.

Annuity sales hit a record as war and Fed jitters redraw fixed income
Annuity sales hit a record as war and Fed jitters redraw fixed income

Record annuity demand for principal protection collides with the most hawkish Fed dissent since 2016.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income