View more on these topics

Bill Gross settles Pimco exit feud for $81m

Pimco co-founder Bill Gross

Bond luminary Bill Gross has settled a dispute with former firm Pimco for an estimated $81m (£65m).

Gross, who made a dramatic exit in 2014 from the firm he co-founded, sued Pimco for “hundreds of millions of dollars” after he departed, claiming he was pushed out of the business unfairly.

His claim, filed in October 2015, described a plot by “a cabal of Pimco manging directors” to take Gross’ percentage stake in the business.

Gross’ claims over wrongful termination, breach of written contract, and breach of covenant of good faith and fair dealing, have now come to a close, and an “amicable” settlement reached.

In a joint statement with Pimco, Gross says: “Pimco has always been family to me, and, like any family, sometimes there are disagreements.

“I’m glad that we have had the opportunity to work through those, and see the Pimco founders receiving the recognition they deserve.”

In a statement, Pimco said that Gross, who now works for Janus Capital, had made “enormous contribution” to Pimco’s success.

It adds: “Pimco is also taking steps to ensure that the legacy and contributions of its founders, as both corporate and charitable citizens, are honoured and preserved”

The proceeds from the suit will be donated to charity.

Pimco’s group chief investment officer Dan Ivascyn says: “Bill Gross has always been larger-than-life. He has a well-deserved stellar reputation as an investor and a philanthropist. Bill has had an enormous influence on Pimco and the careers of many who have passed through its halls. He built this business from the ground up and we have great respect and admiration for his talents.”



Pimco: Bill Gross left resignation note in middle of the night

Bond king Bill Gross did not tell anyone he was leaving Pimco and left a resignation letter in the middle of the night, new court filings from the asset manager show. Gross, who quit Pimco in September 2014, left a hand-written note on his desk telling the company he was leaving, with colleagues only finding […]


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 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm