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Business

‘Bond king’ Bill Gross is retiring

By
Carleton English
Published Feb. 4, 2019
Updated Feb. 4, 2019, 4:18 p.m. ET

The reign of “bond king” Bill Gross is coming to an end.

The 74-year-old investing guru is retiring from Janus Henderson, the company announced Monday, with Gross capping off a nearly 50-year career as a leading authority on fixed income investing. His last day is expected to be March 1.

But while Gross was long-known as the “bond king,” he’s stumbled in recent years.

The fund he managed at Janus shed 4 percent last year and investor redemptions took assets down from a peak of $2.2 billion to less than $1 billion — much of it his own wealth, Bloomberg reported.

Gross’ misstep did not go unnoticed by his soon-to-be former boss Janus chief executive Dick Weil, who addressed Gross’ performance in an August 2018 interview on CNBC

“He’s been wrong and wrong badly in the short term. And he’s accountable and we’re accountable for that,” Weil said at the time while adding that Gross is “one of the greatest investors of our lifetime.”

Weil was all kind words when announcing Gross’ exit Monday, echoing his August sentiment.

“I have known Bill for the past 23 years. Bill is one of the greatest investors of all time and it has been my honor to work alongside him,” Weil said.

Gross has been at Janus for four years, following a tumultuous end to his tenure at Pacific Investment Management Co., which he co-founded in 1971. PIMCO became an investing behemoth under Gross, thanks largely to the Pimco Total Return Fund, which was launched in 1987 and was a fixture in many 401(k)s.

But a management skirmish in 2014 ended Gross’ run with him abruptly leaving the firm he co-founded in September 2014 to go to Janus.

It was soon after Gross left PIMCO that his personal life also unraveled.

His wife of 31 years filed for divorce in 2016 and although the divorce was finalized in October 2017, the spouses continued to battle over real estate and art.

Court documents reviewed by The Post showed that the former Mrs. Gross swiped a Picasso the couple had from their marital home and replaced it with replica she painted before she was officially awarded custody of the piece.

Then, Gross was accused of trashing his Laguna Beach, Calif., estate with scents of dead fish, fart spray and vomit before turning over the keys to his ex-wife, The Post reported in June.

The dueling ex-spouses were embroiled in a nasty real estate battle this summer, with each snatching up multi-million dollar properties in the tony Laguna Beach community where they once resided together.

Now with his professional investment career behind him, Gross now plans to focus his efforts on managing his personal wealth and philanthropic efforts.

He oversees the $390 million-asset William, Jeff and Jennifer Gross Family Foundation with his children.

“I’m off – leaving this port for another destination with high hopes, sunny skies and smooth seas!” Gross said.