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Bill Gross, the former "king of bonds" on Wall Street, is leaving the stage of global investment after a career spanning more than five decades during which he managed $ 300 billion at his peak and co-founded the powerful investor Pimco.
Mr Gross, 74, leaves Janus Henderson, the badet manager he joined four years ago following an acrimonious split with Pimco, after the company 's fund. Investment he managed has fallen below the billion dollar mark this year as a result of customer withdrawals and poor performance. He will focus instead on his personal badets and $ 390 million charitable foundation.
Mr. Gross appeared to recognize the investors' theft on Monday when he said in a statement that "without a customer, there can be no deductible". In colorful language, he added, "I'm leaving – leaving this harbor for another destination full of hope, sunny skies and soft seas!"
Randy Waesche, managing director of Resource Management, a US financial advisor, said the decision had been made a long time ago. "It's like watching a star athlete play beyond his time. Gross had a good performance, but now is the right time for him to retire before losing more client money. "
Mr. Gross's move to Janus marked a dramatic turnaround for a man who was once considered the largest manager of bond funds in the world after Pimco's transformation into a giant fixed income investment group.
In 2014, Mr. Gross oversaw nearly $ 300 billion as the manager of the largest bond fund in the world at Pimco. But he had trouble keeping his customers at Janus.
A former colleague of Pimco said Monday: "He relied on big calls that did not succeed. He simply did not have the necessary infrastructure around him at Janus Henderson. . . His career has changed dramatically in recent years. "
Dick Weil, CEO of Janus, paid tribute to Mr. Gross as "one of the greatest investors of all time".
In an interview with CNBC last year, Mr. Weil acknowledged that Mr. Gross had "made bad choices," adding, "He was wrong and he was wrong in the short term. And he is responsible and we are responsible for it. "
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Mr. Gross, who has described himself as a "70-year-old Justin Bieber," has made himself known by his very colorful investment letters, which addressed topics as varied as the pleasure of living. Sneeze and death of her cat.
His views on the fixed income markets have been widely followed. In 2016, he warned that unprecedented bond purchase programs pursued by central banks after the global financial crisis had created a "supernova that will explode one day".
Aggressive reduction in benchmark interest rates below zero, combined with quantitative easing programs and investors' voracious appetite for bonds, led to more than $ 10 million in sovereign debt yields to sink into negative territory.
Mr. Gross said on Monday: "I have had a wonderful career for over 40 years, always trying to put the interests of clients first before inventing and reinventing active bond management along the way. path."
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