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Pimco runs risks in turning up the 'vol'

from Financial Times

It was a tantalising introduction. Bill Gross, Pimco’s “Bond King” and founder of the world’s largest fixed income fund, promised to impart the secrets of his extraordinary success to an audience of financial advisers in Chicago. “I’ll be handing you the keys to the Pimco Mercedes,” he told them. Unlike smaller fixed income funds that might just buy and sell bonds, the $230 billion Pimco Total Return fund is a clever user of derivatives trading strategies, Gross went on to explain, and Pimco is one of the biggest sellers of insurance against market volatility. more

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