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JPMorgan Chase & Co.
Rivals look to cash in on Pimco strife
Rivals look to cash in on Pimco strife

The departure of bond-trading wizard Bill Gross from his Newport Beach firm has spilled blood into the normally placid waters of fixed income securities. Competition in the mutual fund business exploded this week as rivals sparred for a share of the billions of dollars flowing out of Pacific Investment Management Co., which commands $2 trillion in investments. . Gross, known on Wall Street as the "bond king," stirred up the industry last month when he quit — after clashing with other Pimco executives — to run a comparatively tiny portfolio for Janus Capital Management. Investors responded by pulling $23.5 billion from Pimco's Total Return Fund, which Gross...