On Wednesday, the Treasury revealed the identities of the nine money managers for its Public-Private Investment Program, Pimco's was a no-show on the list. It turns out that Pimco yanked its PPIP application in early June due to "uncertainties regarding the design and implementation of the program," the Los Angeles Times' Tom Petruno reported, quoting a Pimco statement.

The Newport Beach, California-based firm did not give specifics.

One theory making its way around Wall Street, Petruno reported, is that Pimco, despite being known as a savvy bond investor, was not successful with its first foray into buying troubled mortgage-backed bonds in 2007. This episode could have triggered concerns within the firm that it might not be able to raise the minimum $500 million seed capital from investors that's required for a PPIP manager under the Treasury's rules.

Managers who made it to the Treasury's list include: AllianceBernstein and sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC; Angelo, Gordon & Co., L.P. and GE Capital Real Estate; BlackRock; Invesco; Marathon Asset Management; Oaktree Capital Management, RLJ Western Asset Management; The TCW Group; and Wellington Management Company. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE