Pimco's Bill Gross to join Janus Capital
Bill Gross, who co-founded Pacific Investment Management Co. (Pimco) more than four decades ago and rose to become manager of the world’s biggest bond mutual fund, is leaving amid a dispute with management over how to move the firm forward and end record redemptions. Gross, 70 and until today manager of the $222 billion Pimco Total Return fund, will join Janus Capital Group Inc. to oversee a new bond fund, according to a statement on Friday from Denver-based Janus. As of last night, Pimco was considering naming Daniel Ivascyn to succeed Gross as chief investment officer (CIO), according to a person familiar with the matter who asked not to be identified because the information is private. “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 organization,” Gross said in the 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.”
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