"In the wake of Bill Gross's sudden departure from Pimco, fund competitor
BlackRock's promotion of its scale, distribution and product performance has
helped it capture more business," according to an article by Suleman Din
in the new issue of Money Management Executive.When Gross first made his announcement, industry professionals wondered who would benefit because that money has got to go somewhere. And BlackRock was well positioned.
Observers say its recent
growth is due to "an apparent coordinated effort to capitalize on Pimco’s
perceived weakness - canvassing its professional networks of advisors and institutions,
combining efforts of wholesalers and national account teams, cutting costs of
its fixed income products, timely placement of thought leadership material, and
even having BlackRock CEO Laurence
Fink publicly speak about fixed income investments and the
company's 'team culture.'" Along with pros from Kasina, Lipper and BrightScope, SunStar's Dan Sondhelm was a source for this story.
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