Update : Now Felix Salmon thinks PIMCO should exit the mutual fund business altogether.
Virtually no large pool of assets in this industry is completely Pimco-free, whether we’re talking about Total Return or any of their other funds and SMAs. The issue cannot be ignored because the end-customers of these investors will have read plenty on the topic this weekend and will have questions and concerns of their own. No amount of reassurance from Pimco can change this fact right now.
This is the question that will lead off almost every investment committee meeting on earth tomorrow.