NEW YORK (Reuters) - Pimco, the manager of the world's largest bond fund, suffered record outflows across its U.S. mutual funds of $14.5 billion in June, investment research firm Morningstar said on Monday.
The outflows were the greatest on Morningstar's records, which began in 1993, the firm said. The outflows were also the first across Pimco's U.S. mutual funds since December 2011, when the firm saw $2.1 billion leave the funds, Morningstar said.
The total withdrawals include outflows of $9.6 billion from the firm's flagship Pimco Total Return Fund in June, also a monthly record according to Morningstar and reducing the fund's assets to $268 billion.
The fund was down 2.64 percent in June, marking its worst monthly performance since September 2008 as interest rates rose on fears that the U.S. Federal Reserve might reduce its bond-buying later this year. The central bank is buying $85 billion in Treasuries and agency mortgage securities monthly in an effort to spur hiring and lower long-term borrowing costs.
Pacific Investment Management Co, a unit of European financial services company Allianz Se
The fund, run by Pimco founder and co-chief investment officer Bill Gross, is down 4.24 percent for the year, according to the firm's website
(Reporting by Ilaina Jonas; Editing by Jacqueline Wong)
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