Gross receives backing despite declines

|By:, SA News Editor

Bill Gross received the support of his management team at parent company Allianz (OTCQX:AZSEY) this morning, despite the 15th straight month of outflows from his Total Return Fund (NYSEARCA:BOND), which recorded an $830M outflow in July.

Allianz CFO Dieter Wemmer states that that Gross' fund is still delivering reasonable returns.

Pimco outflows continues to weigh on Allianz's results despite the German firm posting a 10.5% rise today in second-quarter net profit.