Gross criticises large firms in first investor address from Janus

Bill Gross has said that having too many decision makers in an asset management business can be detrimental to portfolios, following his sudden departure from PIMCO.

Speaking to investors for the first time in his new role at Janus Capital, Gross (pictured) was quick to advocate the benefits of working in smaller teams. When asked what management style he preferred, Gross said "a team has to be relatively small in order to make effective decisions. Larger organisations with a kind of egalitarian voting system develop a mush in the middle with portfolios that do not really do much." Gross also suggested managers sometimes prioritise beating competitors over serving clients, saying "you have to be aware of those we are serving, of their plight. Unle...