Old Mutual Global Investors hired Janus Capital Group to manage its $272 million total return bond fund.
The Old Mutual Total Return USD Bond fund is now managed by Pacific Investment Management Co.
The move, effective July 6, puts the fund back under the management of William H. Gross, PIMCO’s co-founder and former CIO who left to join Janus in September.
Mr. Gross had managed the fund for more than 12 years at PIMCO. In a statement, OMGI said management believes the change of money manager is “in the best interest of clients who originally chose to be invested with (Mr. Gross).”
A spokeswoman for OMGI said the firm had the fund on watch since the news of Mr. Gross’ departure from PIMCO and conducted detailed due diligence on the new team at PIMCO, as well as Janus.
