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Damage control mode for Pimco, Gross

Feb. 28, 2014 11:41 AM ETAllianz SE (ALIZY) StockALIZY, BONDBy: Stephen Alpher, SA News Editor
  • A trading floor doesn't thrive on "sweet talking," says Bill Gross (NYSEARCA:BOND), responding in the WSJ to an earlier Journal report painting The Bond King as a martinet.
  • The back and forth comes amid the departure of Mohamed El-Erian - previously Gross' heir apparent - from Pimco. Michael Diekmann - CEO of Pimco parent Allainz (OTCPK:AZSEY) - says he's "very happy" with Pimco's new management structure and sees no reason to meddle in its U.S. cash cow.
  • "It's like dealing with family - you don't always produce a productive family by sweet talking and always being inclusive," says Gross. "There's a time for soft love and time for hard love.…I can admit to both." The recent management shuffle at Pimco means more power-sharing at the top, says Gross. "It's a huge change."
  • Incoming Pimco CEO Doug Hodge says he's fielded a few calls this week, but it's mostly been "remarkably quiet ... They hire us not because it's happy talk around here but because we deliver performance."
  • See also: Matthew Klein's defense of Gross

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