Merian takes Bill Gross's former fund in-house

Merian takes Bill Gross's former fund in-house

Merian Global Investors has taken the management of its Total Return USD Bond fund in house after the retirement of its previous manager, Bill Gross.

Mr Gross was one of the world’s best known bond fund managers, and worked at Pimco before joining Janus in 2014 and then retiring this year. Mr Gross had managed the fund on behalf of Merian clients.

The fund has assets of £151m and will now be managed by Mark Nash and Nick Wall at Merian Global Investors.

The remit of the fund is also changing to become more global in nature, dropping its previous requirement that 80 per cent of the capital be invested in US dollar bonds. As a result it will be renamed the Merian Global Dynamic Bond fund.

The fund will also be able to invest in bonds with a credit rating below investment grade and the bonds of financial institutions.

Mr Nash said: "With the recent change in the policy direction of developed market central banks having a profound impact on fixed income markets, we believe now is an opportune time to expand the investment universe and flexibility of this fund.

"Using the sector-specialist skills from across the desk and our strict risk governance framework, we look forward to identifying the best alpha opportunities for clients."