By Jennifer Ablan
NEW YORK (Reuters) - Dan Ivascyn, who replaced Bill Gross as Pimco's chief investment officer, said on Tuesday that net cash outflows from various funds have tapered off significantly, and performance has improved since Gross' exit in late September.
"We've been very stable in implementing our investment process from the first day of Bill's departure," Ivascyn said. "From that perspective, we've been in very good shape."
In November, the $171 billion Pimco Total Return Fund, under a new leadership team led by long-time Pimco portfolio manager Scott Mather, posted returns of 1.00 percent, beating 99 percent of its intermediate-term category group, according to Morningstar data.
While that boosts Pimco Total Return's overall year-to-date return to 5.20 percent, the flagship Pimco fund is still trailing 62 percent of its peer category for the year.
(Reporting by Jennifer Ablan; Editing by Lisa Von Ahn)
