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With Pimco's Gross Out, Allianz Tries To Reassure Investors
FYI: Top executives of Pimco and its German parent, Allianz SE, scrambled on Monday to stem the outflow of money after the stunning exit of star bond manager Bill Gross last week, but even after months of internal strife Allianz said it plans to let Pimco continue to steer its own ship. Regards, Ted http://www.reuters.com/assets/print?aid=USKCN0HO0WL20140929
"Morningstar, whose star rating system is influential among wealth advisers, said that it was reviewing its ratings of all Pimco managed funds ...."
Seems to imply that the star ratings of Pimco funds are under review, and of course it's the medal ratings, not the star ratings, which are simply quantitative.
Unlikely JC. After publicizing their "team", I don't see them doing that. Moreover, if they did do it, I think their credibility, such as it is today, will take a hit.
I think the press has had enough fodder. It is done. Everyone should just get on with it. Time for them to get back to "who killed Marilyn Monroe?" articles.
You know they will stretch this out for another week or until the next big story hits. We have to see Bill's new bond pad in Newport Beach. The inevitable behind the scenes stories at Pimco from associates with faces blanked out and voices changed for anonymity. Finally there is the contract for a reality show, "The Bond King" which should drive all viewers nuts.
I'm honestly a little surprised that Pimco didn't have some sort of non-compete clause. Now Gross heads to Janus with knowledge of Total Return's positions and, most likely, ways to take advantage.
California may be the most worker friendly state in the US. For the most part, noncompetition clauses are void (not voidable, but void on their face) there.
That doesn't prevent companies and their lawyers from demanding that you sign them (in the hope that you'll be cowered into not going to a competitor), but it does prevent them from enforcing them.
Comments
"Morningstar, whose star rating system is influential among wealth advisers, said that it was reviewing its ratings of all Pimco managed funds ...."
Seems to imply that the star ratings of Pimco funds are under review, and of course it's the medal ratings, not the star ratings, which are simply quantitative.
I think the press has had enough fodder. It is done. Everyone should just get on with it. Time for them to get back to "who killed Marilyn Monroe?" articles.
That doesn't prevent companies and their lawyers from demanding that you sign them (in the hope that you'll be cowered into not going to a competitor), but it does prevent them from enforcing them.
http://www.law360.com/articles/412067/calif-noncompete-clauses-still-unenforceable