Pimco ETF sees nearly $550 million in outflows in two days

Reuters
Bill Gross, co-founder and co-chief investment officer of Pacific Investment Management Company (PIMCO), speaks at the Morningstar Investment Conference in Chicago, Illinois, June 19, 2014. REUTERS/Jim Young (UNITED STATES - Tags: BUSINESS)

(Reuters) - The Pimco Total Return exchange-traded fund saw $448 million (276.11 million pounds) in outflows Friday after news of the departure of longtime manager Bill Gross hit, but outflows slowed on Monday to $98 million, according to a PIMCO spokesperson. With $3.12 billion in assets as of Monday, the ETF is a fraction of the PIMCO Total Return Fund, the $222 billion bond fund that Gross had managed since 1987. Gross founded Pimco, a $2 trillion asset management firm, in 1971. Friday's outflows represented a record for the ETF. Earlier this week, Pimco said the U.S. Securities and Exchange Commission is investigating whether it inflated the returns of the ETF, the latest in a series of incidents that preceded Gross' decision to leave the company for Denver-based Janus. (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama)