Bloomberg -- Pimco's CEO Douglas Hodge said the firm is expecting and is ready for client redemptions following the departure of co-founder Bill Gross.

Withdrawals are “to be expected with any transition of a senior person,” Hodge said today in a conference call with analysts where he was joined by top executives at Pimco parent Allianz SE. “We’re ready for that,” said Hodge, who added that it’s too early to estimate redemptions at the Newport Beach, California based firm.

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