Pimco posts $12.59 billion net outflows across its open-ended funds in November

NEW YORK (Reuters) - Pacific Investment Management Co posted net outflows of $12.59 billion across its open-ended funds in November, down considerably from $48.3 billion of cash withdrawals the previous month, according to Morningstar data on Wednesday.

The majority of last month's redemptions came from Pimco's flagship Total Return Fund, the Newport Beach, California, firm previously managed by co-founder Bill Gross, who resigned unexpectedly on Sept. 26 to join smaller rival Janus Capital Group Inc .

Morningstar's estimated net outflow for Pimco Total Return for November was $9.7 billion, or 5.7 percent of October-ending assets of $170.9 billion. Total assets in the fund at the end of November were $162.8 billion, which still marks the Pimco Total Return as the world's largest bond fund.

In total, Pimco, a unit of Allianz SE , has seen net outflows of $121.73 billion across its open-ended funds since the start of the year ended November, Morningstar said.

Dan Ivascyn, who replaced Gross, said in a telephone interview on Tuesday that net cash outflows from various funds had slowed dramatically and performance had improved following a drop after Gross left.

"We've been very stable in implementing our investment process from the first day of Bill's departure," Ivascyn said. "From that perspective, we?ve been in very good shape."

In November, the Pimco Total Return Fund, under a new team led by long-time Pimco portfolio manager Scott Mather, posted returns of 1.00 percent, beating 99 percent of its intermediate-term category group, according to Morningstar data.

(Reporting By Jennifer Ablan)