Following the announcement of chief investment officer Bill Gross' immediate departure from PIMCO to Janus Capital, we have placed the funds' Morningstar OBSR Analyst Ratings™ under review.
PIMCO Select Global Bond, PIMCO Select UK Corporate Bond and PIMCO Select UK Income Bond previously held Silver, Bronze and Bronze ratings respectively.
Gross' key role in shaping PIMCO's bond strategy and in the firm's management has led us to review all of our PIMCO fund ratings. Following CEO/co-CIO Mohamed El-Erian's departure in March, PIMCO named six deputy CIOs in order to make a more orderly plan of succession. They are Andrew Balls, Dan Ivascyn, Mihir Worah, Mark Kiesel, Scott Mather and Virginie Maisonneuve. These six will play key roles in the wake of Gross' departure.
We will meet with PIMCO management in the coming weeks to assess the impact of this change on the funds.
See the latest Morningstar OBSR fund rating news here.
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