On Friday, September 26th, Bill Gross – founder of PIMCO and lead portfolio manager for PIMCO Total Return, the largest bond fund in the world – announces his departure from the company he co-founded. Bill Gross will instead be managing an unconstrained bond fund at Janus Capital
At the time of writing this blog post, about 10 am on Monday September 29th, we have sent out several “Flash Reports” to our clients alerting them to this event. In other words, the largest bond fund in the world is now sailing with a new captain. Details are still coming in about this matter and we expect more information to seep out very shortly. For instance, in about an hour, we’ll be listening in to a hastily arranged PIMCO CIO Succession and Portfolio Management Leadership conference call. In a few days, one of our lead consultants will be at PIMCO’s headquarters in Newport Beach to get a sense of the situation. As always, if you have any questions about the situation, we will keep you informed as we go.