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Bill Gross, fund manager of Janus Capital Management LLC, speaks during the Bloomberg Invest Summit in New York, U.S. (Photo: Bloomberg)

(Bloomberg) –Bill Gross isn’t just retiring from money management. He’s marking the twilight of an era. Gross, 74, announced Monday that he was ending his 47-year career managing investments, leaving the daily grind as his Janus Henderson Global Unconstrained Bond Fund bleeds assets and barely breaks even after fees. At Janus, Gross was given the freedom to do anything he wanted, but his fund ended up not doing much of anything.

For investors, his exit comes as the decades-long bull market in bonds, which fueled his success, is waning and interest rates climb off the post-crisis floor. For the industry, Gross’s recent struggles show how hard it’s become for individual managers to beat the indexes, algorithms and sprawling trading teams that oversee today’s portfolios.

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