William Gross, the PIMCO co-founder who most recently managed the Janus Henderson Group PLC JHG Global Unconstrained Bond funds, announced his retirement from the industry.
“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 morning.
Why It’s Important
The leader in fixed income investing transitioned to Janus Henderson in 2014 after decades as the managing director and chief investment officer of PIMCO.
During his time at Janus Henderson, Gross led a Total Return strategy outperforming its U.S. aggregate benchmark by 89 basis points through last year.
“While the Unconstrained strategy Mr. Gross manages has underperformed its 3-month Libor benchmark since Mr. Gross joined Janus Henderson in late 2014, nominal performance has been positive over the time period,” the company reported.
What’s Next
Upon retirement, Gross will manage his personal assets and $390 million-asset charitable foundation. The latter disbursed nearly $21.5 million to 28 non-profits last year — bringing Gross’ 20-year philanthropic contributions to $800 million.
Janus Henderson’s Global Macro Fixed Income team will assume Gross’s funds and strategies upon his March 1 departure. The firm will also rename the Global Unconstrained Bond funds as Absolute Return Income Opportunities.
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Photo credit: "Bill Gross Has Gone Short on Bonds"
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