Bill Gross leaves Pimco for Janus Capital

Legendary bond investor Bill Gross has left Pimco, the firm he founded, to join Janus Capital and manage its recently launched Global Unconstrained Bond Fund.

Bill Gross leaves Pimco for Janus Capital

Joining on Monday, to be based in a new Janus office in California, Gross will join the global asset allocation team headed by Myron Scholes. He will be responsible for building-out the firm’s efforts in global macro fixed income strategies.
 
As reported in yesterday’s Financial Times (25 September), Pimco’s flagship fund has suffered 18 successive months of outflows, while the US regulator, the Securities and Exchange Commission, is investigating the way the group’s $3.6bn Total Return Exchange Traded Fund bought and valued bonds. 
 
“I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organisation,” said Gross in a statement. 
 
“I chose Janus as my next home because of my long standing relationship with and respect for CEO Dick Weil and my desire to get back to spending the bulk of my day managing client assets.”

Pimco has announced Daniel Ivascyn as group CIO, succeeding Gross, while Douglas Hodge, PIMCO’s Chief Executive Officer, and Lew “Jay” Jacobs, President, will continue to serve as the firm’s senior executive leadership team, spearheading PIMCO’s business strategy, client service and the firm’s operations,” the group said.

In addition, the firm said it had appointed Andrew Balls as CIO global; Mark Kiesel, CIO global credit; Virginie Maisonneuve, CIO equities; Scott Mather, CIO U.S. core strategies; and Mihir Worah, CIO real return and asset allocation, 

Hodge said: “Pimco has been developing a succession plan for some time to ensure that the firm is well prepared to manage a seamless leadership transition in its portfolio management team. We have passed the torch of leadership to a team of investors who are among the very best in the investment management industry. They are seasoned, highly skilled professionals who embody PIMCO’s values and have established track records of delivering value to clients.”

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