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Bill Gross Quits PIMCO, Which He Co-Founded, Joining Janus
After co-founding PIMCO in 1971, Bill Gross has called it quits...
- *WILLIAM H. GROSS JOINS JANUS CAPITAL
- *JANUS:GROSS TO START MANAGING FUND,RELATED STRATEGIES OCT.6,'14
“I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization,” said Mr. Gross.
Janus stock is +20% on the news. 40% now!)
and PIMCO's parent Allianz is tumbling (dragging the DAX red)
and has crashed DAX
* * *
Gross co-founded PIMCO in 1971...
* * *
Full Statement:
William H. Gross Joins Janus Capital
Janus Capital Group Inc. (NYSE: JNS) today announced that William H. Gross, world-renowned fixed income investor, will be joining Janus Capital Group. He will manage a recently launched Janus Global Unconstrained Bond Fund and related strategies, and will join Myron Scholes, Ph.D., and other members of the Janus team focused on global asset allocation. Mr. Gross’ employment will be effective September 29, 2014 and he will begin managing the Janus Global Unconstrained Bond Fund and related strategies effective October 6, 2014.
Mr. Gross will be based in a new Janus office to be established in Newport Beach, California and will be responsible for building-out the firm’s efforts in global macro fixed income strategies. His concentration on such strategies will be separate and complementary to Janus’ existing and highly successful credit-based fixed income platform, built under the leadership of Janus’ Fixed Income Chief Investment Officer, Gibson Smith.
“Bill Gross has an exemplary track record with decades of success and he will offer an exceptional approach to navigating today’s increasingly risky markets with a focus on macro, unconstrained strategies. His involvement provides Janus a unique opportunity to offer strategies and products that are highly complementary to those already managed by our credit-based fixed income team,” said Richard M. Weil, Chief Executive Officer of Janus Capital Group. “With Bill leading our global macro efforts and Gibson our credit-based fixed income team, I am confident Janus will be able to meet the needs of virtually any client.”
“I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization,” said Mr. Gross. “I chose Janus as my next home because of my long standing relationship with and respect for CEO Dick Weil and my desire to get back to spending the bulk of my day managing client assets. I look forward to a mutually supportive partnership with Fixed Income CIO Gibson Smith and his team; they have delivered excellent results across their strategies, which deserve more attention.”
* * *
Attributable to Dick Weil, Janus Chief Executive Officer
We are extremely proud to welcome Bill Gross, an investment industry icon, to Janus. His arrival at Janus will provide the firm with a very unique opportunity to offer global macro fixed income strategies and products that are highly complementary to the very successful credit-driven fixed income franchise that we have built out over the last decade under the leadership of Gibson Smith. In fact, we are pleased that investors will have immediate access to Bill’s expertise as he takes the reigns of the recently launched Janus Global Unconstrained Bond Fund. Additionally, as we continue to address the needs of our clients, Bill will join Nobel Laureate Myron Scholes, Ph.D., Ashwin Alankar, Ph.D., and other members of the Janus team focused on the expansion of our global asset allocation business. Today’s announcement is another major step forward in our efforts to attract the most sophisticated and proven talent in order to meet the real and evolving needs of our clients.
* * *
Bill Gross Statement:
"For most of my career, I have been privileged to be associated with one of the most successful investment management firms ever -- Pacific Investment Management Company (PIMCO). Today, with a mixture of excitement and sadness, I am announcing that I have decided to join Janus Capital Group and end my association with PIMCO. It was not without great thought and deliberation over quite some time that I decided to begin this next chapter. During my time at PIMCO we accomplished a great deal, managing now over 2 trillion dollars of global assets with a track record of very significant value added that has generated tens of billions of dollars to individual, corporate, and sovereign client portfolios. But now, after having spent considerable time serving in senior management, it is a time for me to reduce executive and people management responsibilities at a larger firm and focus on the pure aspects of portfolio management at a smaller one. Janus is the right fit at the right time in my career - and my life.
I am honored to be welcomed by Janus Capital Group, which is headed by former PIMCO managing director/COO Dick Weil. At Janus, in a new Newport Beach office, a simpler yet still intense career lies ahead of me to be able to assist individuals and other investors in their needs for above market returns in an increasingly risky market environment. In particular, I greatly respect the fixed income investment philosophy of Janus, which is consistent with my belief: value added consistent with the protection of principal.
I have been fortunate to have had a great run at PIMCO, and I am looking forward to be able to continue this run with Janus.
I sincerely wish all of my friends and associates at PIMCO much future success. It has been an honor to have worked at PIMCO these many years."
* * *
Let's hope Gross' timing is not this bad...
* * *
How long before El-Erian is back as CEO?
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Pimco? Rats? Ship?
PIMCO is done for.....
is this the onion?
Well that was quick, I guess it goes to show who was really running that fucking ship.
Another liquidation event today in the markets (bonds, this time)???
Cant wait for the headline "Larry Muthafuckin Fink 'quits' Blackrock"
El-erian is totally going back to PIMCO in a few months..... This plan was launched a long time ago with Allianz when they had their spat.
Away with that clueless looooooooooooooser Gross.
Too bad Gross couldn't execute a fantastic big-money, no-lose, free-look-back exit strategy like Bailey received for Janus from KSU.
Still NMFP Tom?
anyone have any info on how much "keyman" liquidation risk PIMCO is facing, and which funds that's in? that in addition to the regular redemption requests... could really move various bond markets.
Seems odd. It is as if New York Yankee Derek Jeter announced that rather than retire he'll be joining the Minnesota Twins AA club, the New Britain Rock Cats.
Why not retire?
he didn't inside trade his own resignation????????????????????
Gross looks tiered...isn't this a sort of final golden handshake in a semi-retirement? Why this half step?
He should just go back to his real roots, counting cards in vegas.
You're never too old for blow and hookers, I hear.
I think Larry Summers would be perfect for the job. Fat opportunities like this to refloat a sinking ship come around only once in a blue moon.
I'm more concerned with where Gross' hair is going. (Sold my Pimpco stuff a long time ago).
I suspect not monitoring his M2M's that would have perma-broke the Pimco brand in the eyes of the pensioners who need that income was the final straw.
Enjoy the resurrection story-arc Bill. In the end, you were right on the front-end trade; only about 7 months too soon.
Not him! I saw a story that said that while he was working long hours impoverishing the world and stealing from the United States government, he missed many milestones with his daughter. He felt so badly that he waited until Pimpco was ready die and then retired to spend more time with his daughter; his 5 jets, 3 yachts, 6 houses and 100 underpaid staff. Good on him!
"He (Gross) will manage a recently launched Janus Global Unconstrained Bond Fund and related strategies, and will join Myron Scholes, Ph.D., and other members of the Janus team focused on global asset allocation."
Sure why not?? More of Sweden's Nobel Ironists - only not Peace but Economics.
Who can forget Myron Scholes and Robert Merton's spectacularly successful Long Term Capital Mgnt.??
http://www.capital-flow-analysis.com/investment-essays/nobel_gods3.html
In other news....Eric Holder is out of PIMCO.
Sonofabitch!! Must be time to re-evaluate bonds. This gross mf is now Just Another Needle-dicked Usurous Shithead. Here is some footage of him from a few years back right after the 2008 crash.
https://www.youtube.com/watch?v=wftuosM4KIk
Don't you know the beginning of the death of the FED when you see it?
Somebody else quit first...
So is PIMCO going to liquidate?
That would require liquidity in the market, which does not exist, so, no.
Not good when the captain jumps.
Time for Obummer to announce a new ISIS threat. He hates it when someone steals the limelight from him, as Gross has just done.
You know its not great timing to jump ship when "SEC Probe intensifies at PIMCO" is still a major headline
Quits....Lol..... that's what they call it these days. Back in the day it used to be called forced out.
Gone to JANUS?
http://www.tilleysvintagemagazines.com/source/adult_product_data.php?pro...
Have we just seen the top?
DavidC
Are we all kidding ourselves ???? This cat would never leave Pimcio if this whole thing isnt fucked up !!!
As is usually the way with self-percieved demi-gods.
BOOOOOOOOOOOOM GOES THE DYNAMITE !
Going from Pimp.Co right in the J.anus
Wow! His name was synonymous with PIMCO!
Yeah.....was.....whatever.
The Fed must be appyling some pressure. Bye bye PIMPco....
Pimco needed to do this in order to save themselves. Will it work? Who knows. In the end we're all fucked anyway.
I think your bond story is appropriate here. Sell PIMPco, come back later, should they survive.
I find it interesting that Janus is up and Allianz is down. Everybody I know has been pulling money out of Pimco because they think Gross has lost his mind.
I'd be lying if I didn't say pimpco had been similar to CAT for me. Up and down, generating profits, for me anyway. Not so much for those pension funds...
fucking sad what "investing" has become.
Global asset allocation sounds like The transfer of money from poor people in rich countries to rich people in poor countries to me!
"Global asset allocation sounds like The transfer of money from poor people in rich countries to rich people in poor countries to me!"
Spot on cartOOner only you forgot to mention the magic ingredient: LEVERAGE
It's all just kittens and kandy, right Bill?
People seem to think Gross has lost his mind because he mourned his calico cat 'Bob' in public.
I salute you Bill!
yup...much respect for Mr. Gross. my primary concern is whether or not we'll still be privy to the monthly letter to investors. Gross is not only a peerless money manager, he's possessed of an agile and nuanced mind, and he's quite the adept writer.
i didn't know what to make of mohammed's departure back in march and i don't know what to make of this, but i do know that janus (capital) has made a superlative acquisition.
cheers, Bill.
PS cat people are superior to dog people...it's just a fact.
(the) janus
Eric Holder yesterday and now this...yea definitely this ship is sinking
Jump out before it breaks in 2 and sinks.
If Gross quit or was fired, why is he working for someone else?
Most "normal billionaires" would start up their own gig, right?
Agree...
He's 70 years old. A multi-billionaire.
How much is enough?
just 5 years to go and he still wants to work?
Ah yes, the fatidic 75 years ...
I'm thinking more along the lines of:
"Fuck it, I got mine, later bitches."
meaning he was sacked from his own company?
Possibly a coup......don't really know.
Translation: "I'm tired of the bullshit from guys like El-A and since I have already pillaged the funds with horseshit trades, it's time for a fresh start killing money somewhere else." Damn, I was so hoping he would "merge" with Gartman & Stolper.
www.traderzoo.mobi
If I recall correctly, this was one of THE first mofo's with his hand out during bailout time (TARP). FU Be-otch! And I hope you lost your @ss in the process.
Now you know what institution was selling. Gotta liquidate positions before you bail.
For fucks sake. Managing a bond portfolio is fucking easy. Believe me, I know.
And, at the same time, these guys all act like geniuses. "I bought these bonds, and they paid me interest. I'm a ggggeeeeenius!"
"Let's see, should we get longer duration, or shorter? Hmm, that's today's decision. Zzzzz..."
Bill Gross is a complete, drooling fucking idiot who couldn't invest his way out of a paper bag. He and the circle of sycophants he's surround himself with can all just keep pretending, right until we're all in FEMA camps.
Managing a bond portfolio is fucking easy. Believe me, I know.
Believe it or not....we totally believe you....dude.
LOL. second that. but look at that market reaction! you could think he shits a gallion or two of gold dobloons before breakfast
Truly, no sense of proportion
For a "drooling fucking idiot" I like his digs in Corona Del Mar...
So, competence is now tied to compensation? Cool.
Assuming you are a Troll, I respect your genius.
Don't forget to add that the corrupt Fed printed trillions manipulating interest rates to zero causing the Genius' bonds to levitate to infinity. Fucking scamholes.
"Fuck it, I quit."
Looks like GROSS got screwed in the J-ANUS
Gross will make a killing. Assuming he took down a significant chunk of equity at a very cheap valuation, how much of PIMCO's $2 Trillion will follow him? 10%? 5%?? So assume Janus AUM willl potentially double within the next 5 years based on assets following Gross, Add in new clients attracted to the name....
That's what happens when you fight the Fed.
yep. "they" have been digging up dirt on him for awhile.
Wow. The bond market is set to blow.
Bill wants the other side of the trade now. There's just not enough liquidity.
I excreted some liquidity this morning. Muchos.
Agree he wants the other side of that trade.
I'm guessing(pure speculation) he can't dump passengers and refit a 40yr ship for a completely different purpose, and of course there is dissent, so better he jump instead.
and I was just thinking this the other day, guess it's now official, pension funds are fucked, the bond market is a pimp's(speculator) market now, and will be for the forseeable future.
Stock should double. How much equity do you tink Gross got?
Bet he makes as much off this as he made ($200 MM) off PImco sale to Allianz.
Well played Sir.
Gross wrote a great article right after he sold Pimco about all these relatives he had never heard of popping up to contact him to congratulate him on making $200 MM.
And his track record was excellent before the Fed turned the markets off.
without the fed having his back gross is nothing
that's true for the entire 1%
hopefuuly he gets hit by a bus and his guts get spread accross the street
I've got a silver dollar and a newsletter to show you how confident I am....
Bagholders!
The writing is on the wall.
Whadda ya gonna do pension funds?????????
Bill Gross will be a giant no matter where he goes and it is not about his market skills or financial acumen- its his hair. With hair like that, there are no limits to what you can do. I bet that fucker can fly.
If he and Donald Trump hooked up and made an ass-baby, just think of what its' hair would look like. Beautiful...
Oh come on man - It's way too early in the morning for a mental image like that.
Lizzard bitchez
What's different about this is Bill Gross can't act like a typical insider and secretly take the money and run.
It called escaping
Gold down 3 buck. Silver up 6 cent.
Certainly that is enough for a glaring headline on Marketwatch:
BREAKING GOLD DOWN $3!!!!!!
Bond king jumps ship. Bodes well for the bond market.
Janus always had an eye for special situations lol.
How fitting considering the two faced meaning of "Janus".
What....The.....F......
Watch out when the bond market blows.
What's so genius when you have insider infomation that the FED is going to tank interest rates to zero forever? Of course your bond fund will do well! But now that there's no lower floor for interest rates, you can't make any more money in bonds. He's a one trick pony that has to find a new pasture.
I would have guessed that Janus stawk woulda crashed 20%.
Too funny
Denninger:
PIMpCO - Was Gross Fired?"It appears so -- there are reports that his "departure" to move to Janus was not exactly "voluntary."
Who knows. What is clear, however, is that Gross, to a large degree, made his "name" by being involved in what is arguably the largest and biggest hammer-swinging company in government securities.
In other words it wasn't so much Bill as it was (and is) the firm's leverage over government actions.
It's not hard to win on a bet when you can hammer on the dealer, effectively allowing you to cheat (albeit legally.) Nonetheless there were allegations that perhaps some game-playing with valuations took place anyway."
http://market-ticker.org/akcs-www?post=229446
"You can't fire me I quit"
Holy shit, I was just kidding. Turns out it's true.
Goethe - “True genius is knowing when to stop.”
I guess he got tired of being a satanic corporate stooge. Good luck finding a place of peace and sanity in that world Bill.
There is a price for dancing with the devil.
As they say on wall st., we are all mercenaries. When times up its up and you move along. There must be some real shit happening for him to leave.
Bill Narcissist
Nope. A regular guy surrounded by a narcissist culture. Probably the most sane one of the bunch. That is why they thought he was mental.
Buy stawks while you can.. bullish
Is this like an NFL coach quiting to manage a little league team?
Just asking.
Guess Bill did not do Allianz's bidding, and absorb some the QE Tsunami Draghi wants to unleash!
BREAKING: @elerianm won't return to @PIMCO via @BloombergNews
There is almost no greater joy than making money by shorting these FIN institutions. Whether GS, JPM, C, WFC, etc... I get such a rush taking profits on these vultures. Thank you 1%'ers for investing in these fine institutions; your donations to my beer fund are appreciated.
Edit: Fix spelling error because I'm freakish about that. ;-)
This is nuts. Someone like Bill Gross doesn't just leave a multi-billion dollar company that he founded and takes what equates for him a low-level job. Pimco is his baby. More proof that the world we live in is not what it seems.
I hope Janus Capital DIES.
LOLOLOLOLOLOLOLOLOLOLOL
If he brought back the stache, he would get his mojo back.
Leaving the company he co-founded ... I'd say Gross knows Pimpco is imploding.
when the old guard does not believe in the future; or more so; the future does not believe in them, they have to go like El Erian.
Next to go will probably be MM at Yahoo. She is looking dicy with her business model all based on Ali Baba investment profiteering.
When the dominoes of WS oligarchy princes starts to fall they will look more and more like Romanov princes of decadent Russia exiled to the Riviera before the Bolshy uprising...
Tax Inversions is their latest trick to make a nest abroad...Après moi le deluge!
Of course he'd stay in Newport Beach, you guys ever drive by his mansion overlooking Corona del mar State Beach?
Fkn jews.
Interesting comment considering your picture posted
So what is the modern day version of the ancient story they're telling?
*Janus the two-faced God
*January -> Janus
*Janus can see the past and the present
*Janus caused the eruption of a volcano during the invasion of Rome when the Sabine's tried to climb the "Capitolian Hill"
*Janus is associated with Jupiter. They were supposedly only closed in a time of peace
*The closing of the gates of the Roman temple dedicated to Janus is tied to the birth of Jesus
*Janus is associated with the opening and closing of gates