Bill Gross, once Wall Street’s ‘Bond King,’ retires after rocky second act
New York — Bill Gross, once the bond market’s most influential investor, will retire from Janus Henderson Group in the coming weeks, ending attempts to reclaim the stature he enjoyed leading the world’s largest fixed-income investing firm. Gross, who turned to investing after serving as US naval officer, co-founded Pacific Investment Management Company (Pimco) in 1971, attaining rock-star status in investing circles as he attracted hundreds of billions of dollars in assets. Under his watch, Pimco blossomed into a $2-trillion asset-management powerhouse, one so influential that the US Federal Reserve tapped it to help implement its programme of emergency bond purchases in the financial crisis in 2008. At Janus, however, Gross was unable to repeat his earlier success, with the performance of the fund he managed ranking near the bottom. Gross said on Friday that low rates were distorting returns. His tenure at Pimco ended abruptly and acrimoniously in September 2014, when he was ousted...
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