William H. Gross, the investment legend whose name is synonymous with Pacific Investment Management Co., will join Janus Capital Group on Monday as a portfolio manager.
Mr. Gross is “returning to his roots,” said Janus spokesman Steven Shapiro, in explaining why the bond guru wouldn't have a more exalted titles at Janus. Mr. Gross will open an office in Newport, Beach, Calif., for the Denver-based firm.
At PIMCO, Mr. Gross was a co-founder and served as chief investment officer.
PIMCO CEO Douglas Hodge said in a news release that there were “fundamental differences” between Mr. Gross and the rest of the firm's senior executives “about how to take PIMCO forward.”
Added Mr. Hodge: “PIMCO has been developing a succession plan for some time to ensure that the firm is well-prepared to manage a seamless leadership transition in its portfolio management team.”
Petra Brandes, a spokeswoman at Munich-based parent company Allianz SE said PIMCO plans to name a successor by the end of the day. Relevant portfolio management assignments will also be announced at that time.