Back in January we posted our answers to the question of "What's Wrong with Pimco?" One of the issues was succession for Bill Gross, and that was answered today as the author at the top of our fixed income reading list for the past several decades is leaving to go to Janus.
Again, it has little to do with fund outflows and all to do with organizational issues at PIMCO and perhaps a heavier hand being exerted by its German owners.
We wrote about Pimco's astonishingly inept roll-out of equity mutual funds, and the wave finally hit their bellwether product the Total Return Fund and its high profile manager.
Janus was a hugely mismanaged organization for decades, but perhaps it is living up to the name of the Roman god of new beginnings with the hiring of Mr. Gross. Love your essays, Bill! Keep 'em coming.
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