Pimco Total Return Fund loses world’s biggest bond fund title

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Pimco has seen about $130 billion of net withdrawals from its open-ended funds since Gross’ departure even as performance has improved.

Outflows from the flagship Pimco Total Return Fund, which Gross managed since 1987, have slowed to an average of $7 billion to $8 billion a month recently from $23.5 billion in September.

Pimco, which oversees $1.59 trillion in assets as of March 31, announced last week that former Federal Reserve chairman Ben Bernanke was joining the Newport Beach, Calif.-based firm as a senior adviser, as Pimco seeks to bolster its star power following the departure of Gross.

(Reporting By Jennifer Ablan- Editing by Bernard Orr)