(Bloomberg) -- Pimco saw assets decline 5.4% in the first quarter as the money manager seeks to staunch client redemptions in the wake of co-founder Bill Gross’s abrupt departure.

Assets overseen at the Newport Beach, California-based firm fell to $1.59 trillion at the end of March, from $1.68 trillion at the end of last year and $1.87 trillion at the end of September as Gross left, according to information posted on Pimco’s website.

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