Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world’s best-known bond investor and adding pressure on its rising stars to live up to his legacy.

Gross is overseeing a smaller share of Pimco’s mutual-fund assets and pulling in less of its cash. His $289 billion Pimco Total Return Fund (PTTRX) got 19% of Pimco’s new mutual-fund deposits in the two years ended March 31, down from 42% in the prior period and 79% before that, Morningstar estimates. The portion of mutual-fund assets run by Gross fell to 63% as of March 31 from 84% a decade ago.

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