Veteran investor Bill Gross has announced he will retire from Janus Henderson Investors next month.
Gross, who founded Pimco in 1971, will step down from his role as portfolio manager of the Global Unconstrained Bond and Total Return strategies on 1 March and his responsibilities will be transferred to the Global Macro Fixed team led by Nick Maroutsos.
The investor, who was a pioneer in fixed income investing for 40 years, joined Janus Henderson in 2014 and will focus on managing his personal assets and charitable foundation - the William, Jeff and Jennifer Gross Family Foundation - in his retirement.
Gross's unconstrained strategy had underperformed in the years since he joined Janus Henderson, the company said in a statement today.
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. I’ve been fortunate to have had that.
“And thank you to all of my past clients for their trust and support. I learned early on that without a client, there can be no franchise. I’m off – leaving this port for another destination with high hopes, sunny skies and smooth seas.”
Dick Weil, chief executive of Janus Henderson, added: “I have known Bill for the past 23 years.
“Bill 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.”