Bill Gross to take over as fund manager
Old Mutual Global Investors change investment adviser on Total Return USD Bond Fund
Old Mutual Global Investors has today announced that the investment adviser of its US$272 million¹ Old Mutual Total Return USD Bond Fund will be changed to Janus Capital (Janus), with Bill Gross returning as fund manager.
The Old Mutual Total Return USD Bond Fund (“The Fund”) is a sub fund of the Dublin domiciled Old Mutual Global Investors Series plc and is currently sub-advised by PIMCO. Janus is set to take over as investment adviser on 6 July 2015.
Bill Gross, who previously worked at PIMCO, managed the fund for over 12 years since its launch in April 2002². Old Mutual Global Investors believes that the change of fund manager is in the best interest of clients who originally chose to be invested with Bill.
The fund’s investment objective, to maximise total return consistent with preservation of capital and prudent investment management, will not change.
Warren Tonkinson, Global Head of Distribution at Old Mutual Global Investors comments:
“We have a long standing relationship with Bill Gross and believe that clients who chose to be invested with him in the Old Mutual Total Return USD Bond Fund will benefit from this change. Bill has a vast amount of experience and an outstanding track record and we look forward to working with him and the team at Janus.
“I would also like to take the opportunity to thank PIMCO for its support in managing the fund until now.”
Bill Gross comments: "Old Mutual is an ‘old friend’ that always had faith in me at PIMCO and now has expressed confidence in me at Janus. They will get our best efforts and sincere thanks for the opportunity,"
Vee Montebello, Head of PR and Internal Communications, Old Mutual Global Investors 020 7332 7687
Erin K. Freeman, Vice President, Public Relations, Janus Capital
Notes to Editors
Bill Gross – Biographical Details:
Bill Gross is a Portfolio Manager responsible for managing the Janus Global Unconstrained Bond Fund, and all related portfolios, and leading efforts to build out our global macro fixed income capabilities. He also serves as an integral member of the Janus Capital Group Global Allocation Committee focused on the expansion of our global asset allocation business. He is based in Newport Beach, California. Mr. Gross co-founded PIMCO in 1971 and served as managing director and Chief Investment Officer until joining Janus in 2014. Throughout his career, Mr. Gross has received numerous awards including Morningstar Fixed Income Manager of the Decade for 2000-2009 and Fixed Income Manager of the Year for 1998, 2000 and 2007. He became the first portfolio manager inducted into the Fixed Income Analysts Society’s Hall of Fame in 1996 and received the Bond Market Association’s Distinguished Service Award in 2000. In 2011, Institutional Investor magazine awarded him the Money Management Lifetime Achievement Award. He is a renowned expert within the bond market and is at the forefront of thought leadership on the subject of fixed income investing. He is also author of the books, Everything You’ve Heard About Investing is Wrong and Bill Gross on Investing.
Education - Mr Gross holds an undergraduate degree from Duke University and an MBA from the Anderson School of Management at the University of California, Los Angeles. He has 44 years of financial industry experience.
Old Mutual Global Investors:
Old Mutual Global Investors has grown strongly since its creation in August 2012 and now has assets under management of £22.5 billion³. The team consists of 219 industry professionals, including a team of 56 investment professionals. As part of Old Mutual Group it has a strong financial parent to support the activation of its business strategy. Old Mutual Global Investors is the asset management division of Old Mutual Wealth. To find out more information please go to: www.omglobalinvestors.com
Old Mutual Wealth:
Old Mutual Wealth is the leading wealth management business in the UK and internationally, helping people secure their financial future.
It has an adviser and customer offering spanning:
• Financial advice via the Intrinsic network
• Platform based wealth management products and services via Old Mutual
Wealth in the UK and Old Mutual International globally
• Asset management solutions via Old Mutual Global Investors
• Discretionary investment management via Quilter Cheviot
Old Mutual Wealth oversees £102.3 billion³ in customer investments.
Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking services to more than 17 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
In the year ended 31 December 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations.
Janus Capital Group Inc:
Janus Capital Group Inc. (JCG) is a global investment firm dedicated to delivering better outcomes for clients through a broad range of actively managed investment solutions, including fixed income, equity, alternative and multi-asset class strategies. It does so through a number of distinct investment platforms, including investment teams within Janus Capital Management LLC (Janus), as well as INTECH Investment Management LLC (INTECH) and Perkins Investment Management LLC (Perkins), in addition to certain exchange-traded products under the VelocityShares brand. Each team brings distinct asset class expertise, perspective, style-specific experience and a disciplined approach to risk. Investment strategies are offered through open-end funds domiciled in both the U.S. and offshore, as well as through separately managed accounts, collective investment trusts and exchange-traded products.
At the end of March 2015, JCG managed approximately $189.7 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in London, Milan, Singapore, Hong Kong, Tokyo, Melbourne, Paris, The Hague, Zurich, Frankfurt, Dubai and Taipei.
¹ As at 30 April 2015
² Bill Gross left PIMCO in October 2014
³as at 31 March 2015.