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Pimco Replaced By BlackRock And Loomis Sayles At $6 Billion Prudential Fund

TedTed
edited October 2014 in The Bullpen
FYI: Pacific Investment Management Co., seeking to stem redemptions after its co-founder Bill Gross left unexpectedly, was dropped as manager of a $6.16 billion strategy offered by a unit of Prudential Financial Inc.

Pimco, based in Newport Beach, California, will be replaced as subadviser of the AST Pimco Total Return Bond Portfolio by BlackRock Inc. (BLK:US) and Loomis Sayles & Co., according to a filing with the U.S. Securities and Exchange Commission yesterday. Pimco will also be dropped as manager of the U.S. fixed-income portion of the AST Advanced Strategies Portfolio, which had $8.75 billion in assets as of Sept. 30.
Regards,
Ted
http://www.businessweek.com/printer/articles/844576?type=bloomberg
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