Bill Gross, once know as the "Bond King," is retiring after more than 40 years in the financial industry.
"“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," Gross said in a press release.
"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!"
Gross, cofounded the fixed-income investment firm Pimco in 1971 and served as its managing director and chief investment officer. He managed more than $2 trillion at the firm before departing in September 2014 amid an internal struggle. He quit before we was fired.
Gross’ Total Return Bond Fund had seen 16 straight months of outflows, and employees at the firm had threatened to leave as he had been exhibiting erratic behavior.
Gross left Pimco for Janus Henderson in September 2014. There he managed the firm’s Global Unconstrained Bond funds and related strategies.
This story is developing…Check back for updates.
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Source: Business Insider