Story So Far: Bill Gross’ departure from Pimco
Legendary bond investor Bill Gross is leaving Pacific Investment Management Co., the Newport Beach firm he cofounded, to join Janus Capital Group Inc. and manage a recently launched global bond fund, the company said Friday. Here is a collection of stories by Los Angeles Times reporters about Pimco since 1999 when Gross was paid $200 million to stay with the firm.
- 1
The departure of bond-trading wizard Bill Gross from his Newport Beach firm has spilled blood into the normally placid waters of fixed income securities.
- 2
Many in the financial world were stunned – and more than few relieved – when bond king Bill Gross jumped ship Friday from the Pacific Investment Management Co. firm he co-founded to the much-smaller Janus Capital Group Inc.
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Bill Gross, the unconventional but wildly successful money manager who helped build Pacific Investment Management Co. into a financial juggernaut, shook up the staid bond industry Friday by jumping ship to a rival firm.
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A federal investigation of Pacific Investment Management Co. is the latest crack in the armor of the $2-trillion Newport Beach fund giant, where a trustee recently questioned the $200-million salary, “bullying” behavior and “mediocre” recent performance of co-founder Bill Gross.
- 5
Perhaps Wall Street Journal reporter Scott Patterson said it best when he tweeted in June: “Something weird is going on with Bill Gross.”
- 6
Pacific Investment Management Co. is rehiring a former top executive in its latest bid to overcome the furor still lingering from the surprise resignation of its chief executive early this year.
- 7
Criticism of bond guru Bill Gross, who is said to earn $200 million annually, intensifies.
- 8
Reporting from New York and Los Angeles — When the U.S. government needed expert help in evaluating the bonds that caused the 2008 financial crisis, there were only two men it could turn to.
- 9
Mutual fund giant Pacific Investment Management Co. hires some of the brightest minds in finance.
- 10
Bill Thompson, the chief executive of Pacific Investment Management Co., was so eager to hire Alan Greenspan that he did something unusual last September.
- 11
Founder wants to set firm apart from affiliates amid fund trading allegations.
- 12
A New Jersey suit accuses the Newport Beach operation of allowing market timing by Canary.
- 13
The operation’s German parent, in a victory for co-founder Bill Gross, acknowledges mistakes in extending the brand.
- 14
Pimco Advisors Holdings LP, one of the world’s largest bond managers, agreed Sunday to sell a 70% stake in the company to Europe’s second-largest insurer in a $3.3-billion deal that is likely to spur similar marriages between U.S. and foreign financial giants.
- 15
Finance: Allianz proposes the five-year package for William H. Gross as part of its takeover of the Newport Beach firm.
