Bond king Bill Gross is leaving Pacific Investment Management Company (PIMCO) for Janus Capital Group, in a surprise move that comes less than a year after a public split between he and former PIMCO CEO Mohamed El-Erian and amid SEC scrutiny into his flagship exchange traded fund. Gross characterized his move to Janus as bittersweet and he said it came about as a result of piling administrative activities at PIMCO that distracted him from investment management. PIMCO thanked its founder Gross for 43 years of service at the bond manager, however, the firm said in a statement it had fundamental differences with Grosss leadership. At Janus, Gross will manage a new fund called the Janus Global Unconstrained Bond Fund. He will also establish offices for the asset manager in Newport Beach, Calif., according to a press release on Friday morning. Janus Capital Group stock surged over 30% in early Friday trading to $14.47 on news of Grosss appointment. Shares in the company, excluding dividend payments, have fallen nearly 20% over the past five years.
Posted on: Fri, 26 Sep 2014 20:00:00 +0000
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