We’d love to get a look at his 401k.
Bill Gross, legendary fixed-income investor and founder of PIMCO, announced his retirement Monday at the age of 74.
Janus Henderson Investors, the firm he’s currently with, said Gross will step down in order to focus on managing his personal assets and private charitable foundation.
Gross has been a pioneer in fixed income investing for more than 40 years.
He co-founded PIMCO in 1971 and served as managing director and its chief investment officer.
He joined Janus Henderson in 2014 (then Janus Capital) to manage the Janus Henderson Global Unconstrained Bond funds and related strategies, including a successful institutional Total Return strategy.
Gross has received the awards and accolades on would expect with this overwhelming success, including Morningstar Fixed Income Manager of the Decade for 2000 to 2009 and Fixed Income Manager of the Year for 1998, 2000 and 2007.
As Janus notes, Gross became the first portfolio manager inducted into the Fixed Income Analysts Society’s Hall of Fame in 1996 and received the Bond Market Association’s Distinguished Service Award in 2000.
Exit Controversy
Yet his PIMCO exit wasn’t without controversy, as increasingly erratic behavior was allegedly causing him to clash with peers.
A speech to attendees at the Morningstar Investor’s Conference in June 2014 had Gross donning sunglasses to discuss the firm’s recent outflows, and was punctuated by a plethora of pop-culture and historical references that left many scratching their heads.
Soon after, he announced his departure for Janus.
“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 statement. “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!”
“I have known Bill for the past 23 years,” added Janus Henderson CEO Dick Weil. “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.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
