RESIGNATION OF BILL GROSS, MANAGER OF THE OLD MUTUAL TOTAL RETURN USD BOND FUND FROM PIMCO


In common with other clients of PIMCO, Old Mutual Global Investors was not forewarned of the resignation from his employer of Bill Gross, manager of the Old Mutual Total Return USD Bond Fund.

As one of the world’s largest managers of fixed income investment strategies, PIMCO has built a large and highly experienced team of fixed income investment professionals. Understandably, over a long career, Mr Gross has become a high profile name in the field of fixed income investing.

We were in contact with PIMCO as soon as news of the resignation of Mr Gross broke, and further meetings with PIMCO are planned to enable us to conduct a detailed review of the Old Mutual Total Return USD Bond Fund, working closely with Scott Mather, the newly appointed manager. Mr Mather has worked at PIMCO since 1998, and has over 20 years’ investment experience.

At Old Mutual Global Investors we consider acting in the best interests of our clients to be our primary responsibility. Therefore, we will conduct a detailed review of the ongoing management arrangements of the Old Mutual Total Return USD Bond Fund, which is the appropriate course of action in these circumstances.We are committed to ensuring we maintain a clear line of communication with investors in the Old Mutual Total Return USD Bond Fund, and we will inform clients of the outcome of our review at the earliest opportunity.

Should you have any questions in the meantime, please do not hesitate to contact your Old Mutual Global Investors representative.