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MF News Legendary debt fund manager Bill Gross to retire

Legendary debt fund manager Bill Gross to retire

Co-founder of PIMCO, he once used to manage the largest bond fund.
Shreeta Rege Feb 18, 2019

The ‘Bond King’ Bill Gross will retire in March after a four-decade long run in the fixed income markets. Post retirement, he plans to focus on managing his personal fortune and charitable foundation.

Bill 74, co-founded Pacific Investment Management Co. (PIMCO) in 1971. Known to have the ear of policymakers, he was well known for his bold market commentary. By consistently beating the benchmark for nearly three decades, he transformed the Pimco Total Return Fund into the biggest debt fund in the industry. At one point in time, it held assets of nearly US$ 300 billion.

Bill could not create the same magic in his second innings. After his split from PIMCO in 2014, Bill joined Janus Henderson Investors to manage Janus Henderson Global Unconstrained Bond Fund. However, even after four years, the fund’s returns were lack lustre compared to peers. With his retirement, the long celebrated career of a fixed income guru comes to an end.

Bill will leave Janus Henderson on March 1. Nick Maroutsos, co-head of global bonds will manage the Global Unconstrained Bond Fund after his departure.

Murthy Nagarajan, Head-Fixed Income Tata MF recalls reading Bill’s monthly debt market newsletter. While his debt fund strategies were suited to developed markets, his views on interest rate movement and global markets carried weight as he was managing one of the biggest debt funds at PIMCO and had beaten the benchmark for nearly three decades, said Murthy.   

Rajeev Radhakrishnan, Head of Fixed Income and Fund Manager, SBI MF calls Bill one of the most visible faces in the fixed income space. Both his colourful writing style and strong performance of his Pimco Total Return Fund made him popular among investors.

 

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