Pimco co-founder Bill Gross to join Janus Capital Group

Bill Gross, co-founder of bond giant Pacific Investment Management Co., will join Janus Capital Group to manage the recently launched Janus Global Unconstrained Bond Fund and related strategies.

Gross will join Myron Scholes and other team members focused on global asset allocation, according to a statement from Janus. Gross’s employment with Janus begins effective Sept. 29 and he will begin managing the Global Unconstrained Bond Fund effective Oct. 6.

Gross will be based in a new Janus office in Newport Beach and will be responsible for building out the firm’s efforts in the global macro fixed income strategies. His focus will be separate and complementary to Janus’ existing credit-based fixed income platform, built under the leadership of Janus’ fixed income chief investment officer Gibson Smith, the firm said.

“I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization,” Gross said in the statement.

The news comes only days after the public revelation of a year-long investigation by the U.S. Securities and Exchange Commission into whether Pimco inflated returns of its flagship exchange-traded fund managed by Gross, Reuters reported Wednesday.

Photo courtesy of Reuters.