Bill Gross loses £324m from George Soros


Billionaire investor George Soros has taken $500m (£324m) from Bill Gross’ Janus Capital Group as the fund struggles to achieve positive returns.

Soros Fund Management invested roughly $500m through a private investment product called Quantum Partners, which followed the same strategy that Gross employs for his Janus Global Unconstrained Bond fund, a source told Reuters and other media.

For the year so far, the fund posted negative returns of 1.47 per cent, lagging 74 per cent of funds within its benchmark, according to Morningstar.

The fund currently has $1.4bn in assets under management and holds more than $700m of Gross’ own money.

According to the source, Soros Fund Management’s chief investment officer Scott Bessent approached Gross after he resigned from Pimco, which he co-founded in 1971.

A week ago, Gross was reportedly suing Pimco for “hundreds of millions of dollars” on the grounds he was pushed out of the business.

Gross left Pimco in September 2014 joining Denver-based Janus Capital in October 2014.

According to its latest results, Janus Capital saw net outflows of $3.3bn in the third quarter of 2015.

The global investment manager revealed net outflows of $400m from exchange-traded products over the same period with assets under management also decreasing from $192.5bn to $185bn over the third quarter.