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Giant money managers scrambling for billions flowing out of Pimco
Giant money managers scrambling for billions flowing out of Pimco

The world of mutual funds may seem like a backwater on Wall Street, but the departure of bond trading superstar Bill Gross from Pacific Investment Management Co. has spilled blood into normally calm waters. Competition in the mutual fund business has gone crazy this past week, as rivals go to war for a share of the money flowing out of Pimco's nearly $2 trillion in funds. A Google search for "Bill Gross" on Friday morning produced three paid ads atop the regular links -- for funds operated by BlackRock Inc., JPMorgan Chase & Co. and OppenheimerFunds Inc. "Concerned about fixed income? Now is the time to rethink your bonds," said BlackRock, the world's...

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