Pimco founder Bill Gross announced on Friday that he has left the company to join Janus Capital. The announcement shocked Wall Street and sent shares of Janus Capital (JNS) soaring 35% on Friday morning.
Inside the Departure
This announcements comes after months of questions about Gross’s leadership and performance of the company’s funds. Additionally, Gross was under pressure from the SEC as the agency had begun to raise questions about an ETF managed by Gross.
Gross will give up his role of Chief Investment Officer at Pimco for a less demanding role at Pimco.
Gross noted: “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.”
Starting Monday, October 6 Gross will begin managing the Janus Global Unconstrained Bond Fund (JUCAX).
The Bottom Line
This report is huge news for the mutual fund world. The move has shocked Wall Street as well as individual investors.