Soros' Quantum puts $500 million with Gross at Janus

Bond manager announces the news on Twitter

Nov 20, 2014 @ 5:05 pm

By Bloomberg News

Bill Gross, the bond manager who joined Janus Capital Group Inc. (JNS) in September, won a $500 million mandate from a vehicle managed by George Soros's investment firm.

Quantum Partners LP, a private vehicle managed by Soros Fund Management, invested in a separate account with a strategy similar to Mr. Gross's Janus Global Unconstrained Bond Fund (JUCIX), according to a posting on Denver-based Janus's website.

“I & my team will manage your new unconstrained strategic acct. 24h/day,” Mr. Gross said Monday on Janus's Twitter account. “An honor to be chosen & an honor to be earned as well.”

(More: In his own words - Bill Gross speaks out on Pimco exit, vows to regain crown at Janus Capital Group)

Janus is seeking to raise its profile and rebuild a brand damaged by missteps and departures of money managers. The firm, which had $174 billion under management as of Sept. 30, attracted more than $1 billion of estimated net subscriptions to two bond mutual funds in October after the Sept. 26 hiring of 70-year-old Gross, who co-founded Pacific Investment Management Co. in 1971.

Mr. Gross's Unconstrained fund drew an estimated $364 million in client deposits in its first full month with the bond legend in charge, bringing assets to $442.9 million through Oct. 31, according to data compiled by Bloomberg.

In addition to hiring Mr. Gross, Janus recently agreed to buy VelocityShares to expand in exchange-traded products, the fastest-growing part of the fund industry. Earlier this month, Janus said it got about $1.1 billion in U.S. mutual fund deposits in October, the first time in more than three years that clients on balance added money.


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