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Truth behind Bill Gross departure emerges

Truth behind Bill Gross departure emerges

Scott Hodder

New revelations have emerged about the real reason behind Pimco co-founder Bill Gross’ shock departure to a rival company.

In an interview with Bloomberg on 13 January, Mr Gross said his position had been terminated by Pimco's executive management.

Initial reports in September 2014 suggested Mr Gross had left Pimco to join rival firm Janus Capital.

Mr Gross told Bloomberg he had offered to scale back his role from the executive committee and compensation committee and oversee closed-end funds following experiencing differences with management over his personality.

However, he said Pimco's management did not believe that it was a good idea and terminated his role with the company.

The news of Mr Gross’ departure from the company was described by Principal Global Investors senior product specialist for fixed income Mark Cernicky as a “watershed” moment that had been building for many years.

Also commenting on Mr Gross’ departure, Pimco head of portfolio management in Australia Robert Mead said the company would not change its investment strategy.

“I don’t expect any changes,” Mr Mead said at the time. “The framework for the Asia-Pacific Portfolio Committee, which has proven extremely important for developing our Australian investment strategy, remains the same.” 

 

Truth behind Bill Gross departure emerges
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