Bill Gross said he’s sailing off with “high hopes, sunny skies, and smooth seas”
Former star bond investor Bill Gross, whose recent high-priced home purchases in Laguna Beach grabbed headlines, is retiring after four decades in the business.
Gross is leaving his position as portfolio manager for Janus Henderson’s Global Unconstrained Bond Fund, according to Bloomberg.
The hedge fund billionaire dueled with his ex-wife, Sue Gross, last summer in the back-and-forth purchasing of high-priced homes in Laguna Beach.
They spent around $150 million between them to acquire four homes in the Irvine Cove enclave, each successfully outbidding each other on certain properties.
Gross’ daughter Jennifer Stengaard Gross is the founder of Blue Chip Foundation, which focuses on sustainable economic development.
Gross, 74, seems optimistic about the future. He will stay active managing his personal assets and with his philanthropic endeavors.
He had one of the most successful careers in finance during his time at Newport Beach-based Pacific Investment Management Company, a firm he co-founded. He started Pimco’s Total Return Fund in the late 1980s and grew it to a peak asset value of around $300 billion in 2013.
Annualized returns for his fund were 7.8 percent between its founding and his departure in 2014, which followed a few years of poor performances. Gross quickly joined Janus, also in Newport Beach, but was unable to replicate his success. Annualized returns for his Janus fund were less than 1 percent during his time there, according to Bloomberg.
“I’m off — leaving this port for another destination with high hopes, sunny skies and smooth seas,” he said. [Bloomberg] — Dennis Lynch
Source: The Real Deal Los Angeles