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Monday, December 21, 2009

Gross Lands on Lumps of Coal List

News summary by MFWire's editors

Pimco and Bill Gross have landed on Part 2 of MarketWatch columnist Chuck Jaffe's Lumps of Coal list for "failing to walk the talk." The 14th annual list spotlights the "fund industry's bad little children, the ones who deserve nothing more than a bituminous bauble in their Christmas stocking this year."

Jaffe pointed out that in Gross' August "Investment Outlook" write-up, he noted that average expenses for stock funds are 1 basis points and 75 basis points for bond funds. Gross also assailed money market funds that charge 38 basis points.

"Sadly, PIMCO investors feel that pain, and then some," Jaffe wrote, later adding: "And yet, despite the big man's rant over fund costs, nothing changed."

Others on Jaffe's list: Value Line, SEC, states that sued OppenheimerFunds "but stuck by them," FaithShares ETFs, Firsthand Technology Value Fund, and Prasad Growth Fund's Rajendra Prasad. 

Edited by: Armie Margaret Lee

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