He was clearly less publicity hungry than some of his former PIMCO colleagues, preferring for many years to communicate with the investing public via regular letters, whose pithy and engaging style would become a trademark. In a glimpse into his personality, those letters, dating back to the 1970s, were collated as a coffee-table book, but Gross told me he had stopped it from being distributed too widely. In any case, it is safe to assume the book is probably no longer on display at PIMCO offices.When he moved from the Midwest to California with his parents in the 1950s, little would a young Bill Gross have realised that his fortune would be made there – and in grand style. Following years spent as a professional gambler, the yet-to-be Bond King made his name as a bond analyst at Pacific Mutual, and it is a fair bet his first pay cheque was a tiny fraction of the $200m (€177.5m) settlement Gross is now seeking from his employer (and will donate to charity should he be successful).As the firm grew, so did the bonuses, latterly with pool of $1.3bn, of which Gross was guaranteed 20%. Of course, rumours of PIMCO’s Croesus-style pay have been rife for many years, which has no doubt succeeded in attracting many a talented fund manager to the shores of Newport Beach.As Gross and others explained over the years to outsiders, locating a bond fund management company in Southern California, far away from the fray of Wall Street, was a deliberate strategy. It was meant to allow fund managers to take a dispassionate view of markets and combine early morning starts with a beach lifestyle in the late afternoon when the New York dealing rooms had closed.Aside from the back-stabbing allegations and eye-wateringly high remuneration that PIMCO executives enjoy, a few things stand out. One is that Jochen Faber, as the former chief executive and architect of Allianz Global Investors, seemingly intervened in Gross’s dispute with his colleagues alongside Allianz. Despite Faber’s attempt to place PIMCO under the Allianz Global Investors umbrella as the group’s bond specialist, PIMCO did not stay for long within that constellation and now sits as an autonomous, direct subsidiary of the Allianz Group.I recall a real sense of elation in Munich in 2000 when Allianz acquired 70% of PIMCO for $3.3bn. Finally the sleepy, German-focused, third-party fund management business had the wind in its sails and was on course for global reach. The insurer also had access to world-class bond management capabilities, and PIMCO built up local capabilities in Germany to serve its parent.When it next meets, the main board of Allianz might be forgiven for wondering what it has got itself entangled with. After all, investment management is meant to a straightforward business-diversification strategy for financial services companies. Yet the industry has rarely seen such high drama. And in this climate of transparency and relative frugality, those institutional clients that have not yet pulled their assets from PIMCO might wonder whether now is not high time.Liam Kennedy is editor and editorial director of IPE IPE editor Liam Kennedy looks back to a simpler time for beleaguered asset managerWhen I interviewed Bill Gross and Mohamed El-Erian at PIMCO’s headquarters in Newport Beach in late April 2009, the world was still in deep trauma. The Lehman collapse was only just over six months past and the equity market was only just turning (although this was not perceptible at the time).El-Erian had just spoken at the Milken Global Conference, and I was to moderate a panel of leading US institutional investors, including the late Joe Dear of CalPERS and CalSTRS CIO Christopher Ailman, the next day. Dear had just started at CalPERS the previous month and joked that he could only make things get better, but investors were licking their wounds.The views of Gross and El-Erian were much in demand. PIMCO had warned about the housing market already in March 2007 and was talking about a “stable disequilibrium” when Greenspan was talking up the “Goldilocks” economy. Gross was notably keen in our interview to emphasise PIMCO’s collegiate style of decision making and communication, something he was clearly comfortable with.
The MLS team had been scheduled to leave by charter Friday. Toronto opens the World Cup-style tournament on July 10 against D.C. United.The New York Red Bulls also delayed their Friday departure, saying a staff member had produced an inconclusive COVID-19 test result. The Red Bulls said they would reschedule their flight once all the test results were confirmed. Six players from FC Dallas and one from Columbus Crew SC have already tested positive in the Sunshine State. They have been isolated and are receiving care while the other members of their delegations are in quarantine pending more testing.Major League Soccer had required teams to arrive in Florida no later than a week before their first game at the tournament, which runs July 8 to Aug. 11 at Disney’s Wide World of Sport Complex in the Orlando area. But issues with test results have caused several delays.___ The Baltic News Service reported the new date.Soccer has resumed around much of Europe in empty stadiums. The Champions League is scheduled to be completed in August at a mini-tournament in Portugal.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports Lafayette informed the Naval Academy that it cannot bring its football team back to campus in time to meet medical advisory guidelines established by the FBS.Navy is seeking to fill the date with another opponent.___The Green Bay Packers are optimistic they will have fans at Lambeau Field this season, but they note that seating capacity would be cut significantly and spectators must wear face coverings.The NFL club also acknowledges the “possibility that Lambeau Field will be unable to host fans for games this season” because of the pandemic. Training camps across the league are to begin in mid-July. Kansas has suspended its voluntary football workouts because of an increase in positive COVID-19 cases in the program.The school says it has tested 164 athletes and recorded 16 positives, including 12 football players. It says 45 athletes are currently in quarantine across all sports. “When we welcomed our young men back to campus a couple of weeks ago for voluntary workouts, even with the policies and procedures in place to try and protect them from becoming infected with the virus, events outside of our control has made the decision to pause these workouts necessary,” coach Les Miles said in a statement.The school says the other teams with athletes back on campus will continue their voluntary workouts.___ Reduced seating capacity means the Packers can’t guarantee that ticket holders in the general bowl and club seats will be able to reserve tickets. Season-ticket holders will be asked if they want to be part of a process allowing them a chance to reserve tickets. Those who opt out can have their 2020 payment refunded in full or credited to 2021.___The Latvian soccer federation says its national team will play a postponed friendly at Montenegro on Oct. 7.The match in Podgorica was originally scheduled to be played March 26 but was called off because of the coronavirus pandemic. Chris Antonetti, the team’s president of baseball operations, said DeShields tested positive before coming to Cleveland. The Indians held their first workout at Progressive Field on Friday.Antonetti said DeShields is doing well and has only had “very mild symptoms” at this point. He’ll have to twice test negative before he’s permitted to re-join the ballclub.The 27-year-old DeShields spent the past five seasons with Texas. He was acquired by the Indians in the offseason trade that sent two-time Cy Young Award winner Corey Kluber to the Rangers.___The Sept. 12 football game between Lafayette College and Navy has been canceled. July 3, 2020 A third Washington Nationals player has decided to opt out of playing this Major League Baseball season because of concerns about the novel coronavirus.Manager Dave Martinez said depth catcher Welington Castillo was uncomfortable playing because he has young children. He joins first baseman Ryan Zimmerman and pitcher Joe Ross among those deciding not to play for the defending World Series champions.The 33-year-old Castillo played last season for the Chicago White Sox and then joined the Nationals as a backup option.___Indians outfielder Delino DeShields Jr. has tested positive for the coronavirus and is being quarantined from his teammates. Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Toronto FC pushed back its departure to Florida for the MLS is Back Tournament to Saturday, saying more time is needed to complete pre-travel COVID-19 testing. The Latest: Delays for MLS teams headed to Florida tourney New Jersey’s premier thoroughbred track is scrambling to follow capacity limits set by the state as it prepares for its opening night of racing.Monmouth Park is scheduled to present a six-race card Friday evening. Track officials said in an afternoon statement that no more than 500 people would be allowed in certain areas, but added that information on a final capacity number would be released later in the day. The Asbury Park Press reported the track had submitted a plan to the state to allow roughly 16,000 people in the track’s outdoor areas, but the plan was not approved. The track has hosted as many as 60,000 for the Haskell Stakes, its signature event. Monmouth Park’s sports book will open but be restricted to 25% of normal capacity. All visitors to the track or sports book will be required to wear a mask and be given a brief health questionnaire.___
In stoppage time, with Chelsea already guaranteed a four-point lead at the top, mayhem broke out following a terrible tackle by Sergio Aguero on David Luiz.The Argentine was shown a red card and, as players piled in, Fernandinho was also dismissed for pushing Cesc Fabregas over the advertising hoardings.City’s goal was a soft one with Cahill displaying technical deficiency, trying to clear Jesus Navas’s cross with his right foot when he needed to use his left.City piled on the pressure after the break with De Bruyne forcing a fine save from Courtois and more comedy defending almost gifting a goal for Aguero before De Bruyne’s open-goal miss from Navas’s cross.It was a costly error as Fabregas found Costa with a lovely, long ball which he controlled on his chest before outsmuscling Nicolas Otamendi and firing the equaliser.Costa then put Willian clean through, the Brazilian firing across Claudio Bravo into the corner before he marked his goal with an emotional raising of his black armband to honour those who died in the Chapecoense air crash.After Hazard had latched on to a long ball from Marcos Alonso to sprint clear of Aleksandar Kolarov and net the third, City’s frustration got the better of them as Aguero’s wild knee-high lunge on Luiz resulted in furious scenes with all 22 players and staff being involved in a melee.Luiz, with his knee bandaged afterwards, refused to be drawn on Aguero’s challenge. “I don’t like to speak about these type of things. Aguero is an amazing player who does a lot for football,” he told Sky Sports. “I want to dedicate this win to the people who died in Brazil. It was difficult to get my head together as I had some friends there. We just need to pray for the victims’ families.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Chelsea came from behind to secure a dramatic 3-1 win at Manchester City and forge clear at the top of the Premier League as their top-of-the-table clash ended in a mass brawl with two City players sent off.Diego Costa, the league’s leading marksman, scored his 11th of the season on the hour to equalise, substitute Willian notched on the counter-attack 10 minutes later and Eden Hazard sealed Chelsea’s eighth straight win in the 90th minute.Gary Cahill had given City a deserved lead just before halftime, slicing the ball into his own net with a clumsy attempted clearance, and the home side had chances to wrap up the points after the break as Kevin De Bruyne missed from three metres when it seemed easier to score.