A vote of confidence.
Bloomberg News reports that the majority of money gathered by Gross’s new fund at Janus Capital Group came from the same Morgan Stanley brokerage where his personal financial adviser works, according to the Wall Street Journal.
The wealth-management office in La Jolla, California, routed about $700m to Gross’s fund in October and November, the newspaper said, citing confidential brokerage data viewed by executives. The report didn’t say how much of the money came from Gross himself.
Gross has a history of putting his own money into the funds he manages, a move that can be seen as a vote of confidence in his strategy and help attract bigger investors. The Janus Global Unconstrained Bond Fund, which Gross has run since October 6, expanded to $1.2bn in assets as of November 28, from $13m before he joined Janus, according to data compiled by Bloomberg.
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