(Bloomberg) — The client redemptions that plagued Bill Gross at his old job have followed him to his new one as well.
Gross's Janus Global Unconstrained Bond Fund suffered its first month of net withdrawals since he joined, with clients pulling $18.5 million from the fund in February, Chicago-based research firm Morningstar Inc. estimated. The redemptions left $1.45 billion in assets in the fund, which declined 0.8 percent this year to trail 96 percent of similarly managed funds, Morningstar said.
Gross joined Janus Capital Group Inc. last year after suffering continuing withdrawals in his prior role as manager of Pimco Total Return Fund, the world's largest bond fund. The redemptions are a setback for Gross, 70, who was hired as part of a plan to rekindle asset growth at Denver-based Janus.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
