Janus Capital chief executive officer Dick Weil was keen last week to urge analysts and investors to consider a longer timescale when assessing the success of bond star Bill Gross's move from rival PIMCO.
According to data compiled by Bloomberg, Gross helped attract more than $1bn of estimated net deposits into two Janus bond funds in October. However, this is far off the record redemptions suffered at PIMCO after his shock departure in September. Assets in his flagship $221bn Total Return fund fell $27.5bn in October, after a drop of $23.5bn in September. Weil’s response to these flows was to comment that Gross’s move changed the fixed income landscape, and the money freed following his departure will not settle immediately. “It is important to note that not everybody is going to ...
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