According to Reuters, Soros has pulled his money – not an insignificant amount given the fund has $1.4B in AUM, including more than $700M of Gross’ own money. The investment was viewed by market observers as a stamp of approval for Gross’ new venture at Janus Capital Group.
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The money invested by Soros Fund Management was held in a separate, institutional account that followed a similar strategy as Gross’ mutual fund, the newspaper said. “Gross also launched a vituperative lawsuit at Pimco last month”, Barron’s reported.
Gross has been managing the Janus Global Unconstrained Bond Fund since leaving Pacific Investment Management Co. last September.
Data from eVestment LLC, an industry data provider that tracks institutional at accounts at fund firm, showed Janus Capital did not report a $490 million in separate accounts managed by the firm between the second and third quarter.
Instead of acting like he’d been there before, like Soros’s capital was just like anyone else’s and like he wasn’t breathing a deep, huge sigh of relief that the decision to join Janus hadn’t completely blown up in his face, Gross took to Twitter to proclaim, “I & my team will manage your new unconstrained strategic acct. 24h/day”.
Billionaire investor and philanthropist George Soros just dealt Janus Capital and Bill Gross a big blow.
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.
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Over the past 52 weeks, the shares of Janus Capital traded between $13.12 and $18.98 per share-a gain of nearly 6% in stock value.
