In the midst of record redemptions from the Pimco Total Return Fund following the surprise exit of its legendary manager Bill Gross, advisors may be exploring alternative selections for clients' fixed income allocations.

Gross' departure from the firm he co-founded in 1971, for a much smaller fund at Janus Capital, prompted a record $446.5 million in withdrawals on Sept. 26. The following Monday Morningstar downgraded the bond fund's rating from gold to bronze. Overall, Pimco reported net outflows of $23.5 billion in September.

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