PIMCO

By E. Scott Reckard
September 2, 2014

William J. Popejoy apparently has lost his longtime position as a trustee of the nearly $2-trillion Pimco mutual funds in Newport Beach, but the usually outspoken financial executive wasn’t talking about what happened.

And no one else was, either.

Popejoy, 76, had used a Times interview in March to criticize the “bullying” management style and the reported $200-million annual salary of Pimco founder Bill Gross.

According to a midsummer regulatory filing by the funds, Popejoy resigned as one of the funds’ seven trustees. But a later revision of the filing deleted the “resigned” language, showing only that Popejoy no longer was a trustee.

Popejoy, a trustee for 23 years of Pacific Investment Management Co. funds, declined to comment, leaving his lawyer to say that resignation was not a proper word for what had transpired.

“We are in discussions with counsel for the trustees and Pimco to provide a more accurate description of Mr. Popejoy’s relationship,” said Ronald Rus of Irvine.

Rus would not comment further on the matter, which was first reported Tuesday by online trade publication Fund Director Intelligence.

The law firm advising the trustees, Dechert of Philadelphia, declined to comment, and a spokeswoman for the German financial giant Allianz, Pimco’s parent company, did not respond to a request for comment.

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