The founder of Pacific Investment Management (Pimco), Bill Gross, will join Janus Capital Group, JNS starting next week.
At a time when the Pimco Total Return Fund, the most important fund at Pimco, registers a record amount of redemptions because of the bond yields decrease, the co-founder of the former largest bond fund in the world announces his departure from Pimco to manage the Janus global Unconstrained Bond Fund starting on the 6 of October, according to a statement distributed today by BusinessWire.
“I hope to keep me totally focused on the fixed income markets, giving up the multi-complexity derived from managing a large and complex organization”, Gross said in a press-released released today.
“I chose Janus as my next home because of my long relationship and respect with CEO Dick Weil and my desire to spend much of my day in the management of client assets“, he added.
Gross exits when the total return fund points for 16 consecutive months with outflows and with short returns when compared to its rivals.
The shares of Janus accelerated 33% while Allianz, ALV, the German insurance company that holds Pimco, sank 4%.