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PIMCO Investors: Time to Reassess, Not Panic

Gross' departure will have definite repercussions at PIMCO, but the depth of the firm's research capabilities means investors can take some time to assess how Gross' exit will impact the firm before making an investment decision, says Morningstar's Michael Herbst.

Jeremy Glaser: For Morningstar, I'm Jeremy Glaser. It was announced this morning that Bill Gross unexpectedly will be leaving PIMCO and joining Janus. I'm here with Michael Herbst, our director of manager research for active strategies in North America, for his first take on this news.

Michael, thanks for joining me.