Sunday 19th of November 2017

For Bill Gross, Besting Pimco Is the Best Revenge PDF Print E-mail

Landon Thomas, Jr., writes April 25, 2016, in the DealBook section of the New York Times:


NEWPORT BEACH, Calif. — Sitting in the conference room of his empty office suite, with its floor-to-ceiling wall of windows, William H. Gross cannot help noticing the sleek office tower that the bond giant Pimco moved into in early 2014.


Just a short walk up the road, the 20-story building looms large in the Southern California sun — a potent symbol of the riches and might that Pimco came to represent during Mr. Gross’s long reign there as the bond king.


Although he was fired nearly two years ago and has moved on to a rival, Janus Capital Group, Pimco remains very, very close — both physically and, it would appear, psychologically.


“We were a family: Everything I did was for them,” Mr. Gross said in his whispery, high-pitched voice. “That is the most disappointing thing — it just didn’t make business sense.”


Pimco would disagree, even though $376 billion has walked out the door since it was decided in late 2014 that the firm would be better off without the man who was the public face of the franchise.


Read more here.




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