WASHINGTON, Oct 1 (Reuters) - A top U.S. securities regulator said Wednesday he is not too concerned about the impact that Bill Gross’s departure from asset manager Pimco has had on the bond market, but noted that regulators are monitoring the market.
“We are obviously trying to understand the outflows and what is going on. I think it is a natural consequence when you have somebody so high profile like Bill Gross moving out of a firm,” said Daniel Gallagher, a Republican member of the U.S. Securities and Exchange Commission (SEC).
“But I hope and expect it won’t become too much of a concern as the market soaks up the information about his departure,” he told Reuters on the sidelines of an industry conference.
Last Friday, Bill Gross announced he was leaving the Newport Beach, California-based, Pacific Investment Management Co., a unit of German insurer Allianz SE. His announcement that day spurred an outflow of $448 million from the Pimco Total Return exchange-traded fund. (Reporting by Sarah N. Lynch; Editing by Sandra Maler)