Even PIMCO seemed to be surprised by the speed and nature of Gross' departure, says Morningstar's Michael Herbst, but the firm retains its intellectual firepower. That said, as in any situation where a founder and leader departs, particularly one who so clearly put his stamp on the firm, there will be a certain amount of chaos in light of Gross' departure. We await news of personnel moves, in particular succession plans and fund manager reorganisations. Until then, Morningstar Analyst Ratings on all PIMCO funds are under review. This isn't a time to panic, says Herbst, but take stock and await further news.
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