|'Bond King' Bill Gross leaves Pimco, joins Janus|
|News - St Augustine Area & St Johns County|
NEW YORK — The biggest star in the bond market shocked the financial world Friday by leaving the huge money management firm he has led for four decades and joining a much smaller rival.
Bill Gross, who co-founded the investment giant Pimco in 1971 and runs its $222 billion Total Return Fund, said he would join Janus Capital Group. The prospect that investors would follow the guru-like fund manager and pull their money out of Pimco sent the stocks of several rival investment companies soaring.
Read entire article: 'Bond King' Bill Gross leaves Pimco, joins Janus