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By Laura Lorenzetti
Bill Gross, who co-founded Pacific Investment Management, or Pimco, in 1971, will leave his own firm to join competitor Janus Capital.
Gross served as the firm’s chief investment officer and managed the Pimco Total Return fund — one of the world’s largest bond funds with more than $1.9 trillion in securities, according to the company’s website. The fund has not done well for years, though, and has been plagued by huge outflows.
“I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization,” Gross said in a statement.
At Janus JNS -2.71% , Gross will manage the recently launched Global Unconstrained Bond fund and related strategies. He will work in partnership with Myron Scholes and other members of the global asset allocation team.