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Trillion-Dollar Firms Dominating Bonds

SEC probes into the bond market were prompted in part by lopsided growth since 2008; the two largest firms now manage $3 trillion in bonds.

By Lisa Abramowicz | Updated on April 14, 2014

Bill Gross and Larry Fink manage a $3 trillion pile of bonds—an amount almost as big as Germany’s economy. Their firms, Pacific Investment Management Co. (Pimco) and BlackRock Inc., doubled holdings since 2008, outpacing the market’s growth of 50 percent.

Some of the largest hedge-fund firms, including Bridgewater Associates LP and BlueCrest Capital Management LLP, have also more than doubled their investments in debt, data compiled by Bloomberg show. At the same time, Wall Street banks are shrinking their stakes in bonds, Federal Reserve data show.

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