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Monday, May 18, 2009

Gross Extends His Reach

by: Erin Kello

Bill Gross just added almost $9 billion in assets to his personal empire. Bloomberg's Miles Weiss reports that, in the wake the departure of high-yield specialist Mark Hudoff, Gross will manage the Pimco Convertible Fund, Pimco High Yield Fund and the high yield portfolio of the Pimco Variable Insurance Trust, as well as Pimco High Income (a closed-end fund), totaling almost $9 billion.

The move isn't permanent, though. A Pimco spokesman told Bloomberg that the firm a "full search" to find Hudoff's long-term successor and described Gross' role as filling "a temporary gap." 

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