The US$9.9bn redeemed from Pimco’s flagship Total Return Bond Fund in June this year might well make many investment boutiques want to cry – what is a small percentage of total assets under management for the behemoth that is Pimco probably dwarfs the total AUM of many companies. But small percentage or not, the best part of $10bn in outflows from a fund does sound alarm bells on what happens when liquidity dries up.