Pimco intends to expand its equities business and there will be no difference in the firm's portfolio management since the departure of former chief investment officer Bill Gross, two top Pimco executives said Tuesday. Pimco plans to "absolutely grow" its equities business, chief executive officer Doug Hodge told CNBC. There will also be "no difference" in the way money is managed now compared to when Gross was still at Pimco, group chief investment officer Dan Ivascyn told the cable television network."At least for the coming weeks and even the next couple of months, expect us to be very comfortable and only make incremental change across most client accounts," Ivascyn said.Bill Gross, the bond market's most renowned investor, quit Pimco for distant rival Janus Capital Group Inc last Friday, the day before he was expected to be fired from the huge investment firm he co-founded more than 40 years ago. [ID: nL2N0RR0PM]
Janus Capital Group Inc., and its subsidiaries (JCG) provide investment management, administration, distribution and related services to financial advisors, individuals and institutional clients through mutual funds, other pooled investment vehicles, separate accounts and sub advised relationships (collectively referred to as investment products) in both domestic and international markets. Shares of JNS fell by 0.75% or $-0.11/share to $14.59. In the past year, the shares have traded as low as $8.51 and as high as $15.95. On average, 5098160 shares of JNS exchange hands on a given day and today's volume is recorded at 14647513.
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