On Oct. 20, OppenheimerFunds cut the fees of its Core Bond Fund, with fees on A-shares now 85 basis points, down from 91.

Spokespeople for each firm said the changes were made as part of an ongoing evaluation of fees.

Institutional shares of the BlackRock Total Return Fund have outperformed peers, including the Pimco Total Return Fund, for the past one, three and five years, ranking among the top decile of its category, according to Morningstar.

Given how well the $4 billion BlackRock Total Return Fund has performed, it will likely win over many investors, including advisers, 401(k) plans and pension plans, considering moving away from Pimco, said Jeff Tjornehoj, head of research at Lipper, a Thomson Reuters company.

"This is a shot across the bow at Pimco," Tjornehoj said.

Pimco was not immediately available for comment.
 

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