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Pimco says remains overweight on Italian govt bonds after Gross exit
October 1, 2014 / 2:17 PM / 3 years ago

Pimco says remains overweight on Italian govt bonds after Gross exit

MILAN, Oct 1 (Reuters) - Pimco, the world’s biggest bond investor, remains overweight on Italian government debt after the departure of Chief Investment Officer Bill Gross, the asset manager’s European strategist said on Wednesday.

News that Gross was leaving the company triggered sales on Italian and Spanish bonds last Friday as some investors feared the fund may change strategy.

“Our view on Italian BTP remains the same as per our previous statement,” Myles Bradshaw, who is also Pimco’s executive vice president, told Reuters. “We remain overweight to Italy in our global portfolios.”

At the start of the year, Pimco, which manages $2 trillion (1.58 trillion euros) worth of assets globally, said its position in high-yielding government bonds of the euro zone periphery, such as Italy’s and Spain‘s, was the largest ever. (1 euro = 1.2632 US dollar) (Reporting by Maria Pia Quaglia; writing by Francesca Landini)

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