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Pimco bond ETF falls 0.3 percent on news of Bill Gross departure

Reuters

NEW YORK (Reuters) - Pimco's Total Return bond exchanged-traded fund fell 0.3 percent in heavy volume early Friday after news its manager Bill Gross will leave Pimco for rival asset management firm Janus Capital Group (JNS.N)

Gross's surprise departure from the firm he founded came two days after news the Securities and Exchange Commission is investigating whether Pimco inflated the returns of its Total Return ETF, which has $3.6 billion (2.21 billion pounds) in assets.

The share price of the fund last traded down 0.3 percent at $108.60, the lowest level in more than a week.

The Total Return ETF, which follows a similar strategy as Pimco's $222 billion Total Return bond mutual fund (PTTRX.O), fared better than its larger counterpart. The ETF has produced a total return of 4.19 percent so far this year, compared with 3.59 percent generated at the mutual fund.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)