February 04, 2019
Bill Gross, who reigned for decades as the Bond King at Pacific Investment Management Co., is retiring more than four years after jumping to Janus Henderson Group Plc from the fixed-income giant he co-founded.

“I’ve had a wonderful ride for over 40 years in my career -- trying at all times to put client interests first while inventing and reinventing active bond management along the way,” Gross said in a statement Monday. "So many friends and associates at my two firms to thank – nothing is possible without a team working together with a common interest.”
Gross, 74, has run the Janus Henderson Global Unconstrained Bond Fund since late 2014, shortly after he suddenly left Pimco in the midst of a management clash. His annualized returns of less than 1 percent at Janus failed to live up to his stellar long-term record from the Pimco era.
Responsibilities for the unconstrained bond fund and related strategies will be assumed by the team at Janus that has been supporting Gross for four years, according to the statement. Nick Maroutsos, co-head of global bonds, will become the portfolio manager of the fund as of Feb. 15.
The billionaire money manager started his latest chapter with fanfare, compared by Janus Chief Executive Officer Dick Weil to Super Bowl-winning quarterback Peyton Manning, “that game-changing level of talent.” Gross poured $700 million of his personal fortune into the unconstrained fund, but he failed to attract much outside money and his performance relative to peers deteriorated each year.
The go-anywhere fund lost almost 4 percent in 2018, sparking a stream of investor redemptions that drove assets below $1 billion from the peak of $2.24 billion early in the year. Gross, who in September 2018 reduced his own stake in the fund, had blamed losses during the year’s first half partly on a misplaced bet that rates on U.S. Treasuries and German bunds would converge, a position he eventually scaled back.

Less ‘Leeway’
“The sort of underperformance we’re seeing is challenging and disappointing to him more than any of us,” Weil, whose firm is now based in London, said in a Bloomberg Television interview last August.
In the statement Monday, Weil said: "Bill is one of the greatest investors of all time and it has been my honor to work alongside him. I want to personally thank him for his contributions to the firm.”
When Gross joined Janus, he knew time was limited to prove he retained his market mastery.
“I won’t have five to 10 to 15 years leeway like I had at Pimco to do that, but certainly for the next two, three, four years,” Gross told Bloomberg TV in 2015. “I’m a very competitive person and I like to post numbers that are better than the market and better than the competition.”
Gross’s sudden exit from Pimco, which he helped build into one of the world’s preeminent fixed-income money managers, jolted clients and advisers. At Janus, he became essentially a solo act operating from Newport Beach, California, with a much smaller supporting cast. His only co-manager, Kumar Palghat, left the fund after a year.

Total Return
At Pimco, Gross had racked up one of the longest winning streaks of any money manager. The Pimco Total Return Fund, which he founded in 1987, became the world’s biggest mutual fund as assets swelled to almost $300 billion at its 2013 peak, generating annualized returns of 7.8 percent from inception through his last day.
“No other fund manager made more money for people than Bill Gross,” Morningstar Inc. said in January 2010, when it named him fixed-income manager of the decade.
Gross, an Ohio native, was a gambler before he became an investor. He taught himself blackjack card counting from the book “Beat the Dealer” while recovering from a car accident during college. After graduating from Duke University, he turned $200 into $10,000 over four months in Las Vegas, raising the tuition for his MBA at UCLA.

‘Aspiring Artist’
He became a bond manager almost by accident, getting a job in the fixed-income department of Pacific Mutual Life Insurance Co. in Los Angeles in 1971, where he was assigned to a new program that actively traded bonds. It was there he developed his total return strategy that generated income from both bond coupons and prices.
As Gross’s reputation spread, he became such a frequent business TV guest that Pimco installed a studio.
“Most money managers would opt for the lean green, most politicians for power,” he wrote in a 1997 book on investing. “Perhaps only the artist would choose fame at the expense of the other two. I guess that’s what I am at heart -- an aspiring artist who happens to be well paid for doing something.”
Pimco thrived on Gross’s record as a fixed-income whiz, a feat aided by an historic bond bull market that began in the early 1980s when interest rates began a prolonged decline. Experts from Wall Street to the Federal Reserve followed the firm for market cues.

Obsessive Drive
Gross drove himself obsessively. A former devoted long-distance runner, he once raced from San Francisco to Carmel, California, and became hospitalized with kidney damage.
Pimco’s assets swelled after the 2008 financial crisis, when the Total Return Fund and other accounts produced gains even as stocks plunged.
But a few years later, his performance wobbled. Total Return lagged peers in 2011 and again in 2013, exacerbating friction between Gross and colleagues. In early 2014, CEO and Co-CIO Mohamed El-Erian quit.
Gross sought to weed out managers he suspected of disloyalty, spurring executives at Pimco’s parent, German insurer Allianz SE, to intervene. Gross eventually jumped ship before he could be thrown overboard. On Sept. 26, 2014, he left a handwritten note announcing his resignation as of 6:29 a.m. Pacific time -- one minute before New York markets opened.
Investors withdrew hundreds of billions of dollars, little of which followed Gross to Janus Capital, as the firm was known before its 2017 merger with Henderson Group.
Gross will continue to manage his personal assets and intends to remain active in charitable endeavors, according to the statement. He has made philanthropic donations of $800 million in the past 20 years.
"I’m off -- leaving this port for another destination with high hopes, sunny skies and smooth seas," Gross said.
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Celebrity News

> Latest News in Media

Watch It
Olivia Munn Reveals Breast Cancer Diagnosis and Double Mastectomy Procedure | E! News
March 13, 2024
kUaEV1Kd3S0
Travis Kelce Shares Details From His Trip to Singapore With Taylor Swift | E! News
March 13, 2024
3YXi-Dgf4eg
Kate Middleton VIRAL Photo: Agency Addresses Photoshop Claims | E! News
March 13, 2024
S4VkO0TpkCY
Da'Vine Joy Randolph Plays 'Smash or Pass' With Iconic Moments From Her Career
March 13, 2024
vkPdJEF2BX4
Jean Smart Wears a Hotel Bathrobe to Present an Award to Hannah Einbinder l Power of Comedy SxSW
March 12, 2024
Bw7uVEYQev4
Lenny Kravitz Walk of Fame Ceremony
March 12, 2024
MlWq8BcnwhE
Dak Prescott Extortion Plot & Steph Curry for President? | TMZ Sports Full Ep - 3/12/24
March 13, 2024
jHFsrjs7OFY
A Japanese space rocket blew up after takeoff Tuesday, turning the sky into a fireball of smoke.
March 13, 2024
YkfJ3Qg8B7c
#KimKardashian and #BiancaCensori hung out at #KanyeWest's listening party Tuesday night!
March 13, 2024
EfwLLq6bx9k
‘Pioneer Woman’ Ree Drummond denies using Ozempic to lose 60 pounds
March 13, 2024
Omfjk1AlZ3A
Chrissy Teigen reveals her ‘boob lift scars’ in daring dress at Jay-Z & Beyoncé’s Oscars 2024 party
March 13, 2024
VxZ2qXAlpmU
Zoë Kravitz pokes fun at dad Lenny Kravitz's style during Hollywood Walk of Fame speech
March 13, 2024
j3-lcFu_1sQ
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
17
Mar
SPAIN: La Liga
Atletico Madrid - Barcelona
17
Mar
ENGLAND: FA Cup
Manchester United - Liverpool
17
Mar
ITALY: Serie A
Inter Milan - Napoli
17
Mar
GERMANY: Bundesliga
Borussia Dortmund - Eintracht Frankfurt
17
Mar
ENGLAND: FA Cup
Chelsea - Leicester City
17
Mar
ITALY: Serie A
Roma - Sassuolo
17
Mar
ITALY: Serie A
Verona - AC Milan
17
Mar
ITALY: Serie A
Juventus - Genoa
17
Mar
GERMANY: Bundesliga
SC Freiburg - Bayer Leverkusen
17
Mar
USA: Major League Soccer
Atlanta United - Orlando City
17
Mar
ENGLAND: Premier League
West Ham United - Aston Villa
17
Mar
SPAIN: La Liga
Rayo Vallecano - Real Betis
17
Mar
ENGLAND: Championship
Leeds - Millwall
17
Mar
SPAIN: La Liga
Las Palmas - Almeria
17
Mar
SPAIN: La Liga
Villarreal - Valencia
17
Mar
SPAIN: La Liga
Sevilla - Celta Vigo
16
Mar
GERMANY: Bundesliga
Darmstadt - Bayern Munich
16
Mar
ENGLAND: FA Cup
Manchester City - Newcastle United
16
Mar
ENGLAND: Premier League
Fulham - Tottenham Hotspur
16
Mar
SPAIN: La Liga
Osasuna - Real Madrid
13
Mar
CHAMPIONS LEAGUE: 1/8 Final
Atletico Madrid - Inter Milan
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Barcelona - Napoli
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Arsenal - Porto
11
Mar
ENGLAND: Premier League
Chelsea - Newcastle United
10
Mar
ENGLAND: Premier League
Liverpool - Manchester City
10
Mar
SPAIN: La Liga
Real Madrid - Celta Vigo
10
Mar
ENGLAND: Premier League
Aston Villa - Tottenham Hotspur
10
Mar
ITALY: Serie A
Juventus - Atalanta
10
Mar
ITALY: Serie A
Fiorentina - Roma
10
Mar
ITALY: Serie A
AC Milan - Empoli
09
Mar
GERMANY: Bundesliga
Werder Bremen - Borussia Dortmund
09
Mar
ENGLAND: Premier League
Arsenal - Brentford
09
Mar
ITALY: Serie A
Bologna - Inter Milan
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.