Soros firm said to withdraw almost $500m from Gross fund

George Soros - Festival Economia 2012

George Soros’s firm pulled almost $500m from an account run by Bill Gross, money it invested last year after the bond manager left Pacific Investment Management Co. to run a new fund at Janus Capital Group, according to a person familiar with the matter.

Bloomberg News reports that data from eVestment LLC show that an unidentified institutional investor redeemed $490.1m from the global unconstrained bond strategy run by Gross at Denver-based Janus, Pensions & Investments reported earlier.

The money was pulled by Soros Fund Management, the firm overseeing the wealth of the billionaire investor and philanthropist, said the person, who asked not to be identified.

The redemption by one of the best-known money managers is a setback for Gross, who has struggled to attract assets at his new fund amid mediocre returns in his first year. Gross’s fund, the $1.38bn Janus Global Unconstrained Bond Fund, declined 1.2% this year, trailing 71% of similar funds, according to data compiled by Bloomberg. 

To access the complete Bloomberg News article hit the link below:

Soros Is Said to Pull $490 Million From Bill Gross Strategy

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