OMGI swaps PIMCO for Gross on Total Return fund

Old Mutual Global Investors has dropped PIMCO as sub-adviser on its Total Return fund in favour of former manager Bill Gross, now at Janus Capital.

Gross (pictured) will take over as manager on the $272m Old Mutual Total Return USD Bond fund on 6 July, ten months after he last managed the portfolio. The veteran bond investor ran the fund for over 12 years while at PIMCO, prior to his high-profile exit for Janus last September. OMGI said its decision is based on the interests of clients who originally invested with Gross. The fund will continue to employ the same investment objective: to maximise total return, consistent with preservation of capital and prudent investment management. Gross said: "Old Mutual is an ‘old friend...