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Ford Motor says will drop Pimco Total Return Fund from its 401k plan

Reuters
The company logo is seen on the bonnet of a Ford car during the media day ahead of the 84th Geneva Motor Show at the Palexpo Arena in Geneva March 5, 2014. REUTERS/Arnd Wiegmann

NEW YORK (Reuters) - Ford Motor Co (F.N) said on Tuesday the company will drop the Pimco Total Return Fund from its 401k plan as a result of the sudden departure of Bill Gross.

Ford said in a statement to Reuters: "Ford Motor Company constantly monitors and assesses the performance of its investment lineup. Effective Nov. 14, 2014, the Pimco Total Return Fund is being removed from Ford’s investment lineup."

Ford said participant balances and future contributions will be transferred to the Bond Index Fund, which is invested in a collective investment fund through the BlackRock Institutional Trust Company.

Gross, one of the bond market's most renowned investors and the former manager of the flagship Pimco Total Return Fund, quit Pimco for distant rival Janus Capital Group Inc (JNS.N). According to two sources familiar with the matter, he was expected to be fired the next day from the firm he helped launch more than four decades ago and built into a $2 trillion (1.24 trillion pounds)investment powerhouse.

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Ford said: "This decision was made after the recent resignation of Bill Gross, Pimco's chief investment officer and portfolio manager. If interested, employees can transfer out of Pimco Total Return Fund at any time prior to Nov. 14."

Pimco did not immediately respond to requests for comment.

(Reporting By Jennifer Ablan; Editing by Chris Reese)