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Gross attracts over $1bn after Janus move

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Star bond manager Bill Gross attracted more than $1bn of estimated net deposits into two bond funds at his new home Janus Capital in October.
Gross attracts over $1bn after Janus move

However, this is a long way from the record redemptions seen at PIMCO after his shock departure in September. Assets in his flagship $221bn Total Return fund fell $27.5bn in October, after a drop of $23.5bn in September.

At Janus, the Global Unconstrained Bond fund, which Gross started running last month, attracted an estimated $364m in client deposits in its first full month. This brought assets to $442.9m at the end of October, according to data compiled by Bloomberg. Meanwhile, the Janus Flexible Bond fund took $821m of deposits in the month, increasing assets to $8.4bn.

Janus chief executive officer Dick Weil said Gross’s move changed the fixed income landscape, and the money freed will not settle immediately.

“It’s important to note that not everybody is going to make a decision on the first day,” Weil said.

It may be “a one-year-plus kind of transitional period rather than anything that is immediate”.

In his first investor address at Janus last month, Gross spoke about the differences in managing millions instead of billions. He stressed the advantages of managing fewer assets, particularly relating to adaptability and liquidity.

Gross said: “The biggest difference is flexibility; you can’t dismiss the advantages of large portfolios, but the idea generation is much more nimble and the street will not always follow you when you manage a smaller portfolio.”

He also said having too many decision makers in an asset management business can be detrimental to portfolios.


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