Oct. 27 (Bloomberg) -- BlackRock, the worlds biggest money manager, cut fees on certain share classes of three fixed- income funds as the departure of Bill Gross from Pacific Investment Management is sending billions of dollars to competing firms.
BlackRock instituted or lowered voluntary caps on share classes of its Low Duration, Core Bond and Total Return funds, the New York-based firm said today in filings with the U.S. Securities and Exchange Commission. Among the biggest changes, the expense ratio for institutional shares of the $3 billion Core Bond fund fell 20% to 45 basis points, and fees for the same share class of the $4 billion Total Return fund dropped 13%, also to 45 basis points, according to filings from earlier this year.
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