Pimco Management recognizes “fundamental differences” with Gross
DENVER (USA), 26 Sep. (EUROPA PRESS) –
The investor Bill Gross has decided to abandon Pacific Investment Management Company (Pimco), the investment firm he founded, and has joined Janus Capital Group to manage one of their most recent funds, according to Janus Capital in a statement.
William H. Gross will join Janus Capital on Monday 29 September and begin to manage the Fund Janus Global Unconstrained Bond and strategies associated with it from October 6. In addition, he will join Myron Scholes and other members of the firm are focused on the placement of global assets.
Gross will be installed in the new office of Janus in Newport Beach (California) and will be responsible for coordinating the efforts of the firm in the fixed income macro strategies overall, to be independent, but complementary, with the current fixed income platform based on credit, which has had a “great success.”
The CEO of Janus Capital Group, Richard M. Weil, Gross has said that an “exemplary record” of decades of success and provide an “exceptional to navigate in a market increasingly risk approach.”
“Their participation provides Janus a unique opportunity to offer strategies and products that are highly complementary to those already managed by our fixed income team based on credit,” he added.
On the other hand Gross explains that Janus has chosen as his “new home” for the long relationship it has with respect Dick Weil and his desire to devote all his time to manage client assets.
” I was looking forward to devote all my attention to the bond markets and investment, leaving behind many of the complexities associated with managing a large and complex organization, “said
On the other hand., the Pimco CEO, Douglas Hodge, reported that the company has already launched a succession plan to seek the replacement of Gross, who has acknowledged that there were “fundamental differences” for months.
“While we are grateful for all that Bill has helped to build our company and create value for customers Pimco, throughout this year has become increasingly clear that the direction of the firm and Bill have fundamental differences on how to advance Pimco, “said Dodge.
He also noted that the company had some time to develop a succession plan to ensure the company is well prepared to manage the transition” seamless “in the leadership of its portfolio management team.
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