Bill Gross’ life got a bit less glamorous after his sudden departure from Pimco, the gigantic firm he founded, last year.
The once-Bond King moved on to smaller firm Janus Capital, and now thanks to his new home’s push for growth, he’ll have to share the top spot there.
Gross’ new firm, Janus Capital, is buying a new bond firm, Kapstream Capital, and one of their founders will join Gross at the helm of his Janus bond fund, according to a press release.
Gross already manages less than 1% of what he used to manage at Pimco, and he’s still reeling from his expulsion from that firm (so much so that he still compares his performance with Pimco’s on a daily basis).
So far he’s been a pretty good sport about the move. Maybe that’s because Kumar Palghat, the Kapstream founder who will be teaming up with Gross, is an ex-Pimco exec too.
“I look forward to working with my old colleague Kumar Palghat and the rest of the Kapstream team as we deliver value for our clients,” Gross said in the press release.
The two will run Janus Global Unconstrained Bond strategy together, but Gross will remain the primary portfolio manager.
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