OMGI is to transfer sub-management of the fund from PIMCO to Janus Capital, with Gross due to take charge from 6 July.
The firm cited investors’ desire to have their money run by Gross as a key factor in the decision, but said the move was only made once a full due dilligence on both Janus and PIMCO had been undertaken.
“Old Mutual is an ‘old friend’ that always had faith in me at PIMCO and now has expressed confidence in me at Janus,” said Gross. “They will get our best efforts and sincere thanks for the opportunities.”
Warren Tonkinson, OMGI’s global head of distribution, added: “We have a long-standing relationship with Gross and believe that clients who chose to be invested with him in the Old Mutual Total Return USD Bond Fund will benefit from this change.”
Seventy-year-old Gross initially ran the fund from April 2002 up until leaving PIMCO 12 years later, at which point Scott Mather charge. Gross also manages the Janus Global Unconstrained Bond Fund.
