Bill Gross has lost a very important client in the person of George Soros.
The Soros Fund Management has pulled its $500 million investment from an account managed by Gross’ Janus Capital Group Inc. due to low returns, according to people privy to the matter.
The hedge-fund billionaire agreed to invest some of his company’s money with the former bond king’s investment company, giving the latter a significant endorsement in his first few weeks in a new job.
Gross has been struggling to stage a comeback following he resigned from Pacific Investment Management Co. to join Janus.
His Janus Global Unconstrained Bond fund has experienced volatile performance and has not attracted investors, which has lost around 1.5% so far this year through October 30. It is lagging behind 74% of the same funds.
A Janus spokesperson refused to comment.
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