“Bond King” Bill Gross is retiring from the financial industry after more than 40 years.
Gross founded Pimco and served as the firm’s managing director and chief investment officer.
He left Pimco and joined Janus Henderson in 2014.
Gross says he plans on working with charitable organizations in retirement.
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 he could be 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 joined Janus Henderson after leaving Pimco. There he managed the firm’s Global Unconstrained Bond funds and related strategies. While his Unconstrained strategy has lagged its three-month Libor benchmark since Gross joined Janus, his Total Return strategy had outperformed its US Aggregate benchmark by 89 basis points, net of fees, through last year, according to the release.
As for what the future holds, Gross says he plans on being active in charitable organizations. His family foundation donated more than $21 million to nonprofits in 2018.
“I look forward to continuing to work with my son Jeff and daughter Jennifer in identifying and supporting worthy and important causes that are creating better lives locally and around the world,” Gross said.
Read more:A fake Picasso, private investigators, and fart spray: Inside the nasty divorce of bond billionaire Bill Gross
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