Pimco's Gross quits and makes shock move to Janus
Bond market veteran investor Bill Gross has quit Pimco, the company he co-founded in 1971, to join Janus Capital in move that has sent shockwaves across the credit industry
What's wrong with this picture? Imagine you're 70 years old, you're a billionaire, and you've just flamed out in the workplace. Why not just retire? Write a book, read a book, serve on a few Boards if you want to be active. I don't know Gross at all, but can he really be so psychologically needy that he must be seen as vital to the investment world? Be like Bill Gates and go manage some philanthropy!
Update: Pimco says that it has a succession plan in place and that its management board is due to confirm the appointment of a new CIO shortly. A possible reason for Gross's exit has also emerged with chief executive officer Douglas Hodge, stating that over the course of the year, it became clear that Gross and Pimco leadership had differing views on how to take the company forward. The statement goes on to praise Gross's contribution over the last 43 years and signs off by highlighting the "deep bench of talent" that Pimco currently employs.
Is this finally the sign that the secular bull market in fixed income is over? [Jerzy Pawlowski via linkedin]
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Comment by: Anonymous. Posted 9 years ago [2014-09-29 09:16:43]