(Bloomberg) -- Bill Gross’s Pacific Investment Management Co., which suffered record redemptions from its main mutual fund last year, was dropped as manager of a $1.3 billion bond fundoffered by Columbia Management Investment Advisers LLC.

Columbia replaced Pimco with TCW Group Inc., and the fund will be renamed TCW Core Plus BondFund from Pimco Mortgage- Backed Securities Fund, according to a statement yesterday from Los Angeles-based TCW. The decision to change the mandate was made late last year before former Chief Executive Officer Mohamed El-Erian announced his resignation in January, said two people familiar with the matter who asked not to be identified because the details are private.

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