Bill Gross, co-founder and chief investment officer for US bond giant Pimco has resigned from the firm, with immediate effect, following a divergence of opinion.
A statement from the company confirmed that a succession plan was in place, and its board was shortly to confirm the election of a new chief investment officer.
According to chief executive Douglas Hodge, relevant portfolio management assignments will be announced at that same time.”
It is understood that Mr Gross’ own ideas and strategies have become at odds with the way in which the fund house has been going.
Mr Hodge confirmed: “We are grateful for everything Mr Gross contributed to building our firm and delivering value to Pimco’s clients. But over the course of this year it became increasingly clear that the firm’s leadership and Mr Gross have fundamental differences about how to take the firm forward.”
Mr Gross is set to join Janus.
