BRIEF-Premium Income Corp announces semi-annual results
* Premium Income Corp announces semi-annual results Source text for Eikon: Further company coverage:
NEW YORK Feb 5 Bill Gross, manager of the world's largest bond fund at Pimco, said Wednesday that lower government deficits are slowing credit growth, a phenomenon that may hurt risk assets.
"With the deficit now down to $600 billion or so, the Treasury is fading as a source of credit growth," Gross said in his monthly letter to investors. "If so, high quality bonds will continue to be well bid and risk assets may lose some luster."
Gross also said that Pimco has "a better team at this moment than we were before." Pimco said last month that chief executive and co-chief investment officer Mohamed El-Erian would leave the firm by mid-March, leaving Gross as the sole chief investment officer.
Gross's flagship Pimco Total Return Fund has $237 billion in assets. Pacific Investment Management Co., a unit of European financial services company Allianz SE, had $1.92 trillion in assets as of Dec. 31, 2013, according to the firm's website.