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Gross claims he was fired by firm he co-founded

Gross claims he was fired by firm he co-founded

Bill Gross has confirmed he was fired by the global investment management firm he co-founded.

Speaking to Bloomberg Radio, in an interview to be aired this Saturday (17 January) he admitted for the first time that he was fired by Pacific Investment Management Co which he founded in 1971.

Mr Gross, who managed the firm’s flagship bond fund Pimco Total Return, told Bloomberg he offered to step down from the executive committee and compensation committee and oversee closed-end funds after differences with management over his personality and the firm’s business direction.

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He said: “For some reason still unbeknownst to me, they didn’t think that was a good idea and they did fire me.

“In the last few weeks, it blindsided me; I had no idea that an executive committee could fire a founder and the titular leader of the company.”

Since leaving Pimco in September Mr Gross has joined Janus Capital Group.

In the interview he defended his reputation as a tough leader.

He said: “If you sit around a table and you congenially look for a consensus-type of outcome, you’re in trouble. You can’t manage money that way.

“At some point somebody has to step in and say, ‘We are going in this direction,’ and I viewed that as my job and I think I did it well.”