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New Delhi, The Pension Fund Regulatory and Development Authority (PFRDA) Chairman <keyword id="20085060" type="General" weightage="20" keywordseo="deepak-mohanty" source="keywords">Deepak Mohanty</keyword> on Friday said the total corpus under the <keyword id="20085061" type="General" weightage="20" keywordseo="national-pension-system" source="keywords">National Pension System</keyword> and Atal Pension Yojana has crossed Rs 11 lakh crore. The milestone of Rs 11 lakh crore asset under management (AUM) was achieved on January 10, 2024, he told reporters here. The AUM has increased from Rs 10 lakh crore to Rs 11 lakh crore in 4 months 18 days (August 24, 2023 to January 10, 2024), he said, adding the private sector AUM crossed Rs 2 lakh crore. The authority in September revised the AUM target of Rs 12 lakh crore for the current fiscal. The pension authority is working on a minimum assured pension plan, and it could become a reality in the next financial year if the guarantee issued is resolved. "There are a lot of complications in determining the rate of return, what to set as the bar for return. Fund managers are also thinly capitalised. So, you have to keep a check on their liabilities also," <keyword id="19981292" type="General" weightage="20" keywordseo="mohanty" source="keywords">Mohanty</keyword> said. Asked about the Budget wishlist, he said the move to raise the assured return under the Atal pension plan continues to be on the 'wishlist'. However, he declined to comment if the <keyword id="19906106" type="General" weightage="20" keywordseo="interim-budget" source="keywords">Interim Budget</keyword> may take up the issue. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> will present the Interim Budget for 2024-25 on February 1. The pension fund regulatory body was considering raising the current return of Rs 1,000-5,000 to Rs 2,500-7,500. The chairman of the pension authority also said that few states who have issued notification to pull out of the National Pension System continued to contribute to the plan irrespective of the on-paper withdrawal. However, he did not wish to identify the states.

Total corpus under pension funds crosses Rs 11 lakh cr: PFRDA Chairman

<div class="KonaFilter image-container float_right"><div class="image on-image"><a href="http://enplug.com/home/">Enplug</a></div></div>The days of calling your rich relatives to raise $3 million to start a hedge fund a la Dan Loeb are over.
Citi just released a 45-page report on the hedge fund industry in the United States <a href="http://www.thefiscaltimes.com/Columns/2013/07/29/Hedge-Funds-Fewer-Winners-as-More-Roll-the-Dice">(where there are more hedge funds than Taco Bells)</a>, and it looks like barriers to entry are higher than ever before.
Citi determined that, with costs as they are, it takes an emerging hedge fund manager at least $300 million AUM just to break even. Basically, if you have less than $1 billion, you shouldn't even get out of bed.
The biggest cost of all the monster costs is compensation for the compliance personnel that keep you straight with the Feds. Size is a huge advantage there too.
From Citi:
For small <keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">hedge funds</keyword> with only $100 million AUM, compensation accounted for 8.7 basis points ($87,000) out of total expenses of 17.7 basis points ($177,000)-49% of total compliance expense...
Overall dollar-based costs of compliance rise only modestly, from $177,000 to $210,000 as hedge funds move from $100 million to $500 million AUM, but the composition of those costs is quite different. Expenditures on software and other third-party services shrinks from 51% to only 23% of compliance spend. This share continues to decline at every progressive AUM level within the institutional category, falling to only 6% for firms with $10.0 billion AUM.
All that's not even the worst part. What really might get kids to go back to dreaming of being astronauts instead of hedge fund managers is that management fees are collapsing. 
Unless you're a rock star hedge fund manager, clients will not pay you the infamous "2% and 20%" hedge fund compensation scheme. Here's what Citi has to say about compensation for hedge funds with $5 billion AUM or less:
Average management fees continue well below the historical 2.0% level, ranging from 1.58% to highs of only 1.76% for the largest firms in this band. Management company expenses dip and stabilize, ranging from 63 to 68 basis points. No appreciable economies of scale are realized by firms in the institutional category, as this is a period of ongoing investment into upgrading the firms' capabilities and expanding their teams. During this phase of growth, headcount grows by ~2.0x for every ~3.0x increase in AUM.
So what's the solution if you still want to be an investor? Franchising. Big shops with hedge funds within them. Citi found that firms that fit this description have an average AUM of $36.4 billion, and that only about 53% of their business is focused on the hedge fund.
Or you could just be David Tepper from day one. That's the other solution.

Starting A Hedge Fund Is Getting Next To Impossible

Total assets under management (<keyword id="135675" type="General" weightage="20" keywordseo="AUM" source="Orion">AUM</keyword>) for the <keyword id="6354820" type="General" weightage="20" keywordseo="mutual-fund" source="Orion">mutual fund</keyword> industry declined for the second consecutive month to Rs 35.6 trillion (-4.2 per cent month-on-month) in June'22 -- the lowest level since August'21 -- led by a decline in AUM for income (Rs 711b), equities (Rs 405b), liquid (Rs 219b), other ETFs (Rs 115b). A report by <keyword id="113829" type="General" weightage="80" keywordseo="motilal-oswal-financial-services" source="Orion">Motilal Oswal Financial Services</keyword> said <keyword id="6391506" type="General" weightage="20" keywordseo="equity" source="Orion">equity</keyword> AUM for domestic MFs (including ELSS and index funds) decreased 2.9 per cent MoM to Rs 13.8t in June'22. This was due to a decline in equity scheme sales (down 7.6 per cent MoM to Rs 355b). Further, market indices closed lower (the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> was down 4.8 per cent MoM). At the same time, redemptions dipped 15.4 per cent MoM to Rs 127b - at a 25-month low. Consequently, net inflows declined marginally to Rs 228b in June'22, from Rs 234b in May'22. The month saw notable changes in the sector and stock allocation of funds. On a MoM basis, the weights of automobiles, oil &amp; gas, consumer, healthcare, telecom, and PSU banks increased, while the weights of private banks, metals, NBFCs, cement, retail, utilities, textiles, insurance, and chemicals moderated. Automobiles' weight increased for the third consecutive month to a 42-month high of 7.6 per cent (+50bp MoM, +110bp YoY). The sector now ranks third in the allocation of mutual funds -- it was in the fourth position a month back. Oil &amp; Gas weight stands at a 18-month high of 7.3 per cent (+20bp MoM and +40bp YoY). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/oyo-rolls-out-a-discount-for-mumbais-stranded-commuters-as-the-city-stays-on-orange-alert-till-july-14/articleshow/92827833.cms">OYO rolls out a discount for Mumbai’s stranded commuters as the city stays on orange alert till July 14</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/heres-why-lower-unit-price-of-a-mutual-fund-doesnt-mean-higher-returns/articleshow/92824945.cms">Here’s why lower unit price of a mutual fund doesn't mean higher returns</a>

Mutual fund industry's total assets decline for the second consecutive month

New Delhi, Strong, incessant net flows and favourable market conditions propped up the assets base for the small-cap mutual fund category to cross Rs 2 lakh crore mark in November-end, a sharp surge of 69 per cent from a year earlier. On a month-on-month basis, the Assets Under Management (AUM) of the category grew 10 per cent to Rs 1.99 lakh crore, data with the <keyword id="826589" type="General" weightage="80" keywordseo="association-of-mutual-funds" source="Orion">Association of Mutual Funds</keyword> in India (AMFI) showed. Since the fourth quarter of 2019-20, the AUM for the category has seen a phenomenal rise, due to favourable market movement, along with record net inflows. Small-cap funds attracted Rs 37,178 in this year (till November). This includes Rs 3,699 crore last month and a record fund infusion of Rs 4,495 crore in October. On the other hand, the large-cap category saw a pull out of Rs 2,688 crore in the first 11 months of this year. "A few fund houses have limited the inflows in their small-cap funds over the last quarter given the sharp rise in flows and concerns on valuations," <keyword id="112974" type="General" weightage="80" keywordseo="morningstar-india" source="Orion">Morningstar India</keyword> had mentioned in its September quarterly report. Going by the AMFI data, the asset base of the small-cap mutual fund hit its peak of Rs 2.2 lakh crore at the end of November. Additionally, investor accounts in the category, too, climbed a staggering 62 lakh folios to 1.6 crore in November from 97.52 lakh a year-earlier. This shows that investors have become more inclined toward small-cap funds. Under Sebi's rule, in small-cap mutual funds, fund managers are required to invest at least 65 per cent of their portfolios in small-cap stocks. <keyword id="2252616" type="General" weightage="80" keywordseo="g-pradeepkumar" source="Orion">G Pradeepkumar</keyword>, CEO, <keyword id="6536298" type="General" weightage="80" keywordseo="union-asset-management-company" source="Orion">Union Asset Management Company</keyword>, suggested that investors stagger their investments in small- and mid-cap funds in view of the possibility of short-term volatility. Overall, the AUM of the 42-player mutual fund industry reached Rs 49.04 lakh crore in November-end from Rs 40.37 lakh crore in November 2022, suggesting a gain of 22 per cent.

Consistent inflows push small-cap funds AUM past Rs 2 lakh cr mark in Nov

New Delhi, Non-Banking Financial Company (NBFC) <keyword id="3504742" type="General" weightage="20" keywordseo="IIFL-finance" source="Orion">IIFL Finance</keyword> has become the second largest gold loan provider surpassing Manappuram Finance. "The gold loan portfolio has crossed Rs 23,690 crore assets under management (AUM), surpassing Manappuram Finance at Rs 20,809 crore worth of gold loan AUM. "This has cemented <keyword id="82050" type="General" weightage="20" keywordseo="IIFL" source="Orion">IIFL</keyword> Finance's position as the second largest gold loan provider in India in terms of AUM," IIFL Finance head of Gold Loan Business Saurabh Kumar, said. The market leader in gold loans is Muthoot Finance with an AUM of Rs 66,089 crore, as of September 2023. Kumar said, "the company has about 18.6 lakh customers and over 70 per cent of our customers are repeat customers helped by customer centric approaches like repayment grace period, no foreclosure charges, transparency in dealings and proactive customer need identification." The company expects a 25-27 per cent increase in gold loan in FY'24, he said. IIFL Finances provides gold loans through 1,486 towns and rural areas across 25 states and 4 Union Territories to salaried, self-employed and Micro, Small and Medium Enterprises (MSME) customer segments. Besides, gold loan, IIFL Finance offers affordable home loan, microfinance loans and business loans and has a consolidated AUM of Rs 73,066 crore.

IIFL Finance emerges as second largest gold loan NBFC

Mumbai, Feb 21 () More and more retail investors are parking their funds in retirement solution-oriented mutual funds, taking the category AUM to Rs 10,425.3 crore as of end January -- a 24.5 per cent growth over Rs 8,376.2 crore in April 2019.Industry body Amfi attributes this rising inflows into such schemes to the robust SIP segment, which has reached an all-time high of Rs 8,532 crore by retail investors alone, and also overall mutual fund AUMs hitting an all-time high of Rs 28.18 lakh crore in January."Within the total mutual fund AUMs, assets under management of retirement solution-oriented schemes has grown 24.46 per cent to Rs 10,425.28 crore as of end January 2020 as against Rs 8,376.19 crore as of end April 2019," says Amfi.Commenting on the numbers, Amfi chief executive N S Venkatesh said the growth is led by retail investors who are flocking to mutual funds in general and retirement-led schemes in particular as their awareness levels on the need for long-term investment rises."Steady month-on-month positive inflows during the last 10 months into retirement solutions-oriented category of schemes, is reflective of its enhanced awareness," he said.Retirement-oriented schemes are typically open-ended, with lock-in period of five years or till the retirement age, whichever is earlier.As of January end, such schemes had 25.42 lakh folios in 24 funds, compared to 24.97 lakh at the end of April 2019 in 21 such schemes. Retail investors are putting in around Rs 8,532 crore every month through SIPs and average of Rs 200 crore every month into such funds.According to him, retirement schemes are best suited to deliver long-term returns through systematic investment availing a mix of equity and debt schemes. Increasingly, retirement schemes are being preferred alongside PPF and other traditional debt-oriented avenues.Increasing longevity and the need to make large pool of financial corpus, is driving people to park their funds with market-linked mutual fund schemes, Venkatesh said.Meanwhile, the average AUM of overnight mutual fund schemes has grown five times over the past 10 months to Rs 52,524.98 crore in January from Rs 11,566.84 crore in April 2019, taking the folios of overnight funds to 46,763 from 21,363 during the reporting period. BEN BAL

Retirement funds AUM jumps 24.5 pc to Rs 10,425 cr in Apr-Jan

New Delhi, Apr 3 () Mutual funds' asset base rose marginally to over Rs 27 lakh crore in the January-March quarter, with SBI MF emerging as the largest fund house. The average asset under management (AAUM) of the industry, comprising 44 players, stood at Rs 26.77 lakh crore in the October-December quarter 2019, according to data by the Association of Mutual Funds in India (Amfi). The asset base of the industry was Rs 24.5 lakh crore in the same period a year ago. The marginal growth of one per cent on quarter-on quarter basis comes amid high volatility in equity markets. Among the top five fund houses, SBI MF and Nippon India MF have witnessed gain in their asset base, while the other three - HDFC MF, ICICI Prudential MF and Aditya Birla Sunlife MF - saw decline in their average AUMs. With an asset base of Rs 3,73,537 crore, SBI Mutual Fund has become the largest fund house in the country during the January-March quarter 2020, toppling HDFC Mutual Fund, which has an average AUM of Rs 3,69,783 crore. The fund house has jumped from the third spot at the end of December 2019 quarter to the first position. SBI MF had an asset base of Rs 3,52,632 crore. Commenting on the performance, Ashwani Bhatia MD and CEO, SBI MF said, "Over the years, we have built robust internal systems and processes, we have the largest investment team in the industry and believe in bottom-up investing." "We encourage our teams to market the right products to customers and we believe we are in the game for the long term. Our purpose is very important for us. These have helped us achieve this milestone," he added. HDFC MF, which is at the second position, have seen a drop in its asset base to Rs 3,69,783 crore during the quarter under review from Rs 3,82,517 crore in December quarter. This is followed by ICICI Prudential MF at the third rank with an average AUM of Rs 3,50,743.5 crore in the March quarter. It had an average AUM of Rs 3,61,506.57 crore in the December quarter. Aditya Birla Sunlife MF, the fourth largest fund house, has seen its average AUM decreasing to Rs 2,47,522 crore from Rs 2,49,926 crore. Nippon India MF, which is at fifth position, has seen a marginal rise in its average AUM to Rs 2,04,884 crore from Rs 2,04,371 crore. SP MKJ

MF industry asset base up marginally in March qtr; SBI MF largest fund house

<ul><li><keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">Hedge funds</keyword> started 2021 in the spotlight after a trading frenzy in <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> led to severe losses for Melvin Capital.</li><li>These are among the winning and losing hedge funds in the month of January, according to Bloomberg.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Hedge funds have been thrown into the spotlight this month after a Reddit forum called WallStreetBets <a href="https://markets.businessinsider.com/news/stocks/highly-shorted-stocks-soaring-reddit-wallstreetbet-traders-wall-street-2021-1-1030011346">sparked a massive short-squeeze rally</a> in shares of <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment.</a>The move in GameStop upended hedge funds that were short shares of the video-game retailer. The short trade proved to be a popular bet given the high short position in the stock at the start of the year.Melvin Capital was one hedge fund that suffered extreme losses stemming from a short bet on GameStop, with the fund <a href="https://markets.businessinsider.com/news/stocks/melvin-capital-lost-53-percent-january-after-gamestop-shares-skyrocketed-2021-1-1030023191">losing 53% in the month of January.</a> Melvin ultimately <a href="https://markets.businessinsider.com/news/stocks/steve-cohen-ken-griffin-invest-3-billion-gamestop-short-seller-2021-1-1030003305">received a $2.8 billion emergency investment</a> from hedge fund billionaires Steve Cohen of Point72 and Ken Griffin of Citadel. Maplelane Capital, another hedge fund that was short shares of GameStop, fell 45% through January 27.Here are the winning and losing hedge funds amid the GameStop mania in the month of January, <a href="https://www.bloomberg.com/news/articles/2021-02-01/renaissance-quant-fund-slumps-9-5-in-january-stock-ructions">according to Bloomberg.</a>Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-24-highest-conviction-buy-rated-stocks-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">Jefferies says to buy these 24 stocks that represent its analysts' highest-conviction picks for 2021</a><h2>Winners</h2>1. Glenview Capital ManagementJanuary Gain: 6.4% AUM: $3.5 billion2. Falcon Edge CapitalJanuary Gain: 4.2% AUM: $4 billion3. Heard CapitalJanuary Gain: 3.2% AUM: $325 million4. ExodusPointJanuary Gain: 1.2% AUM: $13.3 billion5. VeritionJanuary Gain: 1.2% AUM: $3 billion6. Schonfeld Strategic AdvisorsJanuary Gain: 0.9%Read More: <a href="https://www.businessinsider.com/stocks-to-buy-silver-short-squeeze-stock-picks-rbc-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">Buy these 4 stocks poised benefit from a spike in silver prices, says RBC Capital Markets - including 2 set to soar 73%</a><h2>Losers</h2>1. CitadelJanuary Loss: 3%2. Greenlight CapitalJanuary Loss: 11.1%3. Honeycomb Asset ManagementJanuary Loss: 4% AUM: $1.2 billion4. Renaissance Quant FundJanuary Loss: 9.5%5. Maplelane CapitalJanuary Loss (through January 27): 45%6. Melvin CapitalJanuary Loss: 53%Read More: <a href="https://www.businessinsider.com/stock-market-short-squeeze-reddit-day-trading-advice-ally-invest-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">A chief investment strategist breaks down how the GameStop saga could upend long-standing practices on Wall Street - and shares her 4-part advice for navigating the frenzied trading environment</a>

These were among the biggest hedge-fund winners and losers in January as GameStop mania upended markets

<ul><li>The rotation away from growth and into value stocks has dinged <keyword id="11893881" type="UNKNOWN" weightage="60" keywordseo="cathie-wood" source="Orion">Cathie Wood</keyword>'s <keyword id="11898779" type="UNKNOWN" weightage="60" keywordseo="ark-invest" source="Orion">Ark Invest</keyword>.</li><li>ARK's flagship ETF has seen its assets under management fall 50% from its February peak.</li><li>The decline in AUM has been mostly driven by price declines rather than outflows from investors.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell.</a></li></ul>The poor performance seen in Ark Invest's flagship fund over the past year has led to its assets under management falling by 50% from its peak last February.The <a href="https://markets.businessinsider.com/searchresults?_search=arkk">ARK Disruptive Innovation ETF</a> saw its AUM rocket to a peak of $28 billion early last year. Its AUM has fallen to about $14 billion as of Tuesday, according to data from <a href="https://koyfin.com">Koyfin</a>.That's a big hit to Ark Invest's revenue. Based on the fund's 0.75% expense ratio, the $14 billion decline in AUM represents a $105 million loss in annual revenue for Ark Invest.The decline comes amid <a href="https://markets.businessinsider.com/news/etf/ark-invest-worst-return-since-inception-cathie-wood-prediction-flops-2021-12">a violent rotation</a> out of speculative high-growth tech stocks and into safer value stocks, which has been exacerbated by <a href="https://markets.businessinsider.com/news/stocks/stock-market-moves-explained-growth-value-rotation-rates-federal-reserve-2022-1">a Federal Reserve that is on the verge of raising interest rates</a> and reducing its balance sheet.Since the peak in ARK's AUM last February, the ETF's price has fallen by about 43%, suggesting that the decline in assets was driven mostly by the decline in its underlying stock holdings, but also in part by investors selling out of the fund.That selling by investors seems to have accelerated into November and December, as investors likely sold for tax loss harvesting purposes.But ARK's weakness last year has spilled over into 2022, with the <a href="https://markets.businessinsider.com/news/stocks/growth-stocks-cathie-wood-ark-invest-slammed-interest-rate-spike-2022-1">ETF falling as much as 11% in the first two weeks of the year.</a> Only four of the ETF's 45 holdings have generated a positive return so far this year, with some of its holdings down as much as 42% year-to-date. Cathie Wood is feeling the pain along with her investors, as <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ford-general-motors-stock-ark-invest-tesla-ev-2022-1">she revealed in a recent market update</a> that the ARK ETFs make up more than half of her retirement account, and a considerable amount of her net worth."I do want you to know that, of course, we've been through a very difficult time since the significant rotation from growth into value started nearly a year ago in mid-February, and I want you to know that we're in there with you," Wood said.

Ark Invest's flagship ETF has seen managed assets fall 50% from their peak as investors rotate away from high-growth stocks

Mumbai, Jan 28 () Gold loan-focused non-banker Manappuram Finance on Tuesday reported a 63 per cent rise in consolidated net profit to Rs 397.84 crore for the December 2019 quarter.
 Its net profit had stood at Rs 244.09 crore in the corresponding period of the previous year.
 On a standalone basis, its net income stood at Rs 332.42 crore, up 57.7 per cent from the year-ago period, the Kerala-based company said in a statement.
 Its total consolidated revenue from operations rose over 29 per cent to Rs 1,399.02 crore, taking its assets under management (AUM) to Rs 24,099.95 crore, up 35.52 per cent.
 The gold loan AUM, its mainstay, increased 29.69 per cent to Rs 16,242.95 crore and the business added 3.25 lakh new customers and disbursed loans of Rs 40,304.26 crore in aggregate with live gold loan customers being at 26.4 lakh.
 Its microfinance subsidiary, Asirvad Microfinance, ended the quarter with an AUM of Rs 5,022.14 crore, a growth of 57.18 per cent, while home loans subsidiary Manappuram Home Finance reported an AUM of Rs 601.23 crore, and the vehicles and equipment finance division reported an AUM of Rs 1,397.40 crore.
 Non-gold loan businesses contributed as much as 33 per cent of the total consolidated book.
 V P Nandakumar, managing director and chief executive officer, Manappuram Finance, termed the numbers in line with the guidance with all subsidiaries and business verticals making worthwhile contributions. "We now look forward to a strong finish in the fourth quarter," he added.
 Average borrowing cost during the quarter decreased by 18 basis points to 9.12 per cent.
 Gross non-performing assets (NPAs) improved to 0.50 per cent from 0.58 per cent a year ago, while net NPAs improved by 10 bps to 0.22 per cent.
 Shares of Manappuram Finance on Tuesday rose 2 per cent to Rs 188.60, against a 0.46 per cent fall in the Sensex. BEN HRS

Manappuram Finance net profit jumps 63 pc to Rs 398 cr in Dec quarter

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Bill Gross' sudden resignation as CIO of PIMCO was followed by a sharp sell-off in shares of Allianz, the parent of the Newport Beach-based $2 trillion asset manager.
<a href="http://www.businessinsider.com/allianz-shares-fall-on-bill-gross-news-2014-9">Allianz fell 6%</a> on Friday. Janus Capital, Gross' new employer, saw <a href="http://www.businessinsider.com/janus-shares-surge-after-bill-gross-joins-firm-2014-9">shares surge 42%</a>.
The big concern is that clients will <a href="http://www.businessinsider.com/morningstar-warns-of-allianz-outflows-2014-9">pull their money out of PIMCO</a>.
"Allianz share price reaction discounts about $400 billion of outflows from PIMCO, we believe," Morgan Stanley's Jon Hocking and Xinmeng Wang wrote on Monday. "This is around 20% of PIMCO's total AUM - our calculation simplistically assumes that the unit's margins do not alter at the reduced level of assets."
According to the Wall Street Journal, PIMCO has already seen <a href="http://www.businessinsider.com/pimco-is-already-bleeding-billions-2014-9">$10 billion of withdrawals</a>.
While uncertainty lingers and is certainly discounted into the price, Hocking and Wang believe management "transition plans are well developed." Indeed, Allianz announced <a href="http://www.businessinsider.com/pimco-daniel-ivascyn-to-replace-bill-gross-2014-9">PIMCO's new management team</a> only hours after Gross' departure.
The other big question is how much of those outflows will flow into Janus.
"Our US asset management analysts believe that the jump in Janus' share price on Friday implies the capture of only around $20-30bn of AUM," the analysts wrote. "They estimate that while Bill Gross directly managed around $300bn of AUM, he had influence over a total of $500bn (although one could argue for a higher number here). We note that when leading UK income manager Neil Woodford left Invesco Perpetual he subsequently attracted around 12% of the original AUM."
Allianz shares are up 0.7% in Monday trading.

You Searched For "aum" and got 11 results

Total corpus under pension funds crosses Rs 11 lakh cr: PFRDA Chairman

PTI

Starting A Hedge Fund Is Getting Next To Impossible

Linette Lopez

Mutual fund industry's total assets decline for the second consecutive month

IANS

Consistent inflows push small-cap funds AUM past Rs 2 lakh cr mark in Nov

PTI

IIFL Finance emerges as second largest gold loan NBFC

PTI

Retirement funds AUM jumps 24.5 pc to Rs 10,425 cr in Apr-Jan

PTI

MF industry asset base up marginally in March qtr; SBI MF largest fund house

PTI

These were among the biggest hedge-fund winners and losers in January as GameStop mania upended markets

Matthew Fox

Ark Invest's flagship ETF has seen managed assets fall 50% from their peak as investors rotate away from high-growth stocks

Matthew Fox

Manappuram Finance net profit jumps 63 pc to Rs 398 cr in Dec quarter

PTI

MORGAN STANLEY: It's As If $400 Billion Just Left PIMCO

Sam Ro

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