Pacific Investment Management Company (PIMCO) has appointed Bill Gross to manage the PIMCO High Income Fund, The Wall Street Journal reports. Gross founded PIMCO in the early 1970s and is also co-CIO at the firm.
The fund was previously run by Mark Hudoff who joined the firm in 1996 and has been heading its European team and its global high-yield products. PIMCO has agreed to repurchase several hundred million dollars of the securities. Hudoff has left PIMCO.
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