In a move that stunned Wall Street, bond guru Bill Gross is joining Janus Capital Group, effective Sept. 29, the company announced Friday. Gross is leaving as chief investment officer of Pimco, the company he founded, after a remarkable 43-year tenure. Bond guru Bill Gross had met with Jeffrey Gundlach to discuss joining fixed income investment management firm Doubleline.1 Five Pimco executives told parent company Allianz they would leave Pimco if Gross did not. [CNBC, earlier] Read more »
We Almost Had A Universe In Which Bill Gross Uttered The Words “Yes, Mr. Gundlach, Anything Else Mr. Gundlach?” Monday-FridayBy Bess Levin
Wanted: Former Prosecutor To Help Prevent Future Prosecutions Of Whatever SAC Capital Is Gonna Be Called As Of AprilBy Bess Levin
Steven A. Cohen, the billionaire investor, is looking to hire a former prosecutor or securities regulator to monitor trading at his investment firm in the wake of the federal government’s insider trading investigation. Mr. Cohen’s SAC Capital Advisors hedge fund, which pleaded guilty to securities fraud in November, is in the process of converting to a family office that will manage mainly $9 billion of his personal wealth. The firm announced its intention to hire a chief surveillance officer to monitor trading in a letter to employees on Tuesday. The firm expects to fill the newly created position in the spring…The letter to employees also described how SAC, after converting to a family office, would consolidate several operating divisions and would announce a new name for the firm sometime in April. [Dealbook]
Dealbook reports that Mary Schapiro has given official notice and come December 14th, she’s out of there. Names being floated as possible successors are said to include Sallie Krawcheck and the SEC’s director of enforcement, Robert Khuzami, but on the off-chance they’re not interested, want to throw yours or a loved one’s C.V. in the mix? Update: Apparently Obama plans to nominate Elisse Walter, an SEC commissioner and former FINRA VP, to take over. So you’ve probably got less of a shot at this point but anything can happen!