Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Regulation
    • SECURE 2.0
    • Special Reports
    • Washington
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • ESG Investing | Industry Brief
    • Innovation in ESG Investing
    • 2023 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • The Plan Sponsor's Guide to Retirement Income
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2023 Defined Contribution East Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Research Center
    • The P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Canadian Pension Risk Strategies
    • 2023 Retirement Income
Breadcrumb
  1. Home
  2. Online
February 04, 2019 12:00 AM

Bill Gross leaves long legacy as he departs professional money management

Christine Williamson
Paulina Pielichata
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg
    Bill Gross

    William H. "Bill" Gross' retirement from Janus Henderson Investors isn't expected to have a marked impact on the firm, but the bond king's legacy in raising the profile of active management in fixed income can't be disputed, colleagues and industry observers said.

    Mr. Gross, 74, is leaving his job as portfolio manager of Janus Henderson Investors' Global Unconstrained Bond Fund and related strategies on March 1 to focus on managing his personal fortune and family foundation, said Janus Henderson in a news release Monday.

    "Bill Gross was instrumental in making actively investing in bonds cool and for showing the world that you could do more with them than just ladder a portfolio. He also raised the bar on secular outlooks being a key component of investing," said Timothy Barron, senior vice president and CIO of investment consultant, Segal Marco Advisors, in an email.

    Mr. Gross joined Janus Henderson as portfolio manager of the global unconstrained bond and total return strategies in September 2014. Before that, he was managing director and its chief investment officer of Pacific Investment Management Co., which he co-founded in 1971.

    "For billions of dollars of individual and institutional assets, investing in fixed income with PIMCO was a no brainer during his reign. The casual, often controversial, and philosophical nature of his monthly commentary, whether looking at the man in the mirror or lamenting his deceased cat, were eagerly awaited and consumed," Mr. Barron added.

    Mr. Gross' departure comes after assets under management in the Global Unconstrained Bond Fund, a mutual fund, declined to $950.4 million as of Dec. 31, down 56.8% from $2.201 billion as of the same date the prior year and down 30.9% from Dec. 31, 2014, the year Mr. Gross joined the firm.

    The amount Mr. Gross and his team managed in institutional separate and commingled funds using the same or related strategies as of Dec. 31 was not available. A Janus Henderson spokeswoman declined to comment beyond the news release.

    Mr. Gross' departure from Janus Henderson is unlikely to have far-reaching repercussions for the firm, sources said.

    "It really can't be argued that Bill's departure will greatly impact Janus Henderson because the asset level he's managing isn't material to the company," said Michael Falk, partner at money management consultant Focus Consulting Group, Long Grove, Ill. Janus Henderson managed about $378 billion as of Sept. 30.

    Janus Henderson named Nick Maroutsos, co-head of global bonds and portfolio manager at Janus Henderson, to replace Mr. Gross on Feb. 15. He will work with the same global macro fixed-income team that has supported Mr. Gross since he joined Janus, a company news release said.

    Janus Henderson's global unconstrained bond funds domiciled in the U.S. and Ireland will be renamed Absolute Return Income Opportunities effective Feb.15. There will be no change to the investment objective or guidelines, the firm said.

    Praise for Mr. Gross' long money management career from his boss at Janus Henderson is high.

    "I have known Bill for the past 23 years. He is one of the greatest investors of all time and it has been my honor to work alongside him. I want to personally thank him for his contributions to the firm," Janus Henderson CEO Dick Weil said in the release.

    In a statement, Mr. Gross said: “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. So many friends and associates at my two firms to thank — nothing is possible without a team working together with a common interest.”

    Mr. Gross told Pensions & Investments: “My bond career now will be the seed for a continuing program helping the disadvantaged take back what they have lost in recent years to the more fortunate. I expect to fund and speak out on a host of issues such as global warming, education and higher taxes for the 1%.”

    Mr. Gross will continue his charitable efforts with his son and daughter through the $390 million William, Jeff and Jennifer Gross Family Foundation, Laguna Beach, Calif.

    Mr. Gross' philanthropic donations have totaled $800 million over the past 20 years, the JHI release said.

    Related Articles
    Bill Gross, PIMCO settle lawsuit over bonus payment from 2014 departure
    Bill Gross bond fund sees $580 million in outflows
    Bill Gross' performance 'disappointing,' Janus Henderson CEO says
    Bill Gross' bond fund dips under $1 billion after redemptions
    Bond guru Bill Gross calls it a career
    Janus Henderson's AUM falls 13.1% for quarter, drops 11.4% for year
    Janus Henderson fights for fees from star U.K. fund manager
    Bill Gross illustrates how bond investing has changed
    Recommended for You
    memorial-day-flag_i.jpg
    No P&I Daily on Memorial Day
    Good_Friday_i.jpg
    No P&I Daily on April 7
    ESG: Seeking Alignment with Climate Change
    Sponsored Content: ESG: Seeking Alignment with Climate Change

    Reader Poll

    May 1, 2023
     
    SEE MORE POLLS >
    Sponsored
    White Papers
    Counting on a Crisis: A Catalyst for Investment Innovation?
    A Strategic Allocator's Guide to Productivity and Profits
    Biodiversity: why investors should care
    Quantifying sustainability – the numbers, the data, and the people
    Valuing Banks: Hidden Losses Versus Assets
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Regulation
      • SECURE 2.0
      • Special Reports
      • Washington
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • ESG Investing | Industry Brief
      • Innovation in ESG Investing
      • 2023 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • The Plan Sponsor's Guide to Retirement Income
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2023 Defined Contribution East Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Research Center
      • The P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Canadian Pension Risk Strategies
      • 2023 Retirement Income