FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino reports advisors at Morgan Stanley (NYSE:MS) are, “not going to put money back in PIMCO for the next 6 to 12 months,” and that “until they figure out what is going on at the company, they are going to move it elsewhere.”
On Morgan Stanley withdrawing from PIMCO:
“Most advisors at Morgan Stanley are saying that they are not going to put money back in PIMCO for the next 6 to 12 months. What they are basically saying is, they ignored the conference call, they are going to take money out, look to redeem a lot of their shares at PIMCO until they figure out what is going on at the company and they are going to move it elsewhere. They told me, we were all looking for a reason to take all our money out of PIMCO, especially that total return fund and now Bill Gross just gave us the push in him leaving.”
