Former bond king Bill Gross announced his retirement on Monday following a 40-year career that includes helping to build Pacific Investment Management Company (PIMCO) prior to leaving to run his own fund Janus Henderson.
Gross was widely known as a financial maven where his commentary on the capital markets, particularly in the fixed income space, was highly regarded.
“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,” said the 74-year-old Gross in a statement.
Gross’ time at Pimco includes running the world’s largest mutual fund, the Pimco Total Return Fund, which includes $300 billion in total assets. Despite a falling out with then-CEO Mohamed El-Erian after a much publicized dispute with the firm, El-Erian recalled Gross’ tenure in the markets as an innovative run.
“Bill leaves behind him a long history of fixed income innovation, as well as investment approaches and frameworks that many investors still use today,” El-Erian said in an emailed statement.
Likewise, his former firm was complimentary of Gross.
“Bill Gross was a pioneer of active bond management who had an enormous influence on PIMCO’s investment process, client returns and the careers of the firm’s talented portfolio management team. We wish him well in retirement,” Pimco said in a statement.
After leaving Pimco, Gross went on to manage the Janus Henderson Global Unconstrained Fund. However, the fund is down 4.9 percent within the past year.
Gross will now turn his attention to the William, Jeff and Jennifer Gross Family Foundation–a $390 million charity with donations amounting to more than $21.4 million allocated to various causes 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.
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