The Florida State Board of Administration (SBA), which manages the state’s pension plan, is withdrawing assets from two PIMCO funds.
The agency had placed the company on its watch list in the fourth quarter of last year because of organizational changes.
“As a result of the watch list process, the State Board of Administration has terminated the PIMCO Total Return and PIMCO Inflation Response Multi-Asset Strategy funds,” according to a statement from the SBA.
It says the PIMCO assets will be transitioned to existing managers.
While the SBA didn’t specify how much would be withdrawn, it did say the amount would be “significant.” PIMCO manages about US$2.9 billion of the agency’s money.
The news comes just a couple of weeks after Bill Gross left PIMCO to join Janus.
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