A couple of weeks ago, the folks who run Janus Capital were surprised to learn that most of the money pouring into Bill Gross’ Unconstrained Bond Fund was coming from his broker. More than half of the $1.4 billion managed by the fund, in fact.
Were Bill’s friends, colleagues and neighbors flocking to him in a nine-figure show of support for their unconscionably dethroned king? Not exactly. The full story is that every single penny of that more than $700 million is Bill’s own, which means he’s set up a pretty sweet little family office for himself inside Janus’ new Newport Beach office.
Is Janus concerned by this not-entirely-surprising turn of events? Not in the slightest.
“He believes in eating his own cooking,” Dick Weil, Janus’s chief executive, said at the start of the company’s fourth-quarter earnings call Thursday morning. “Bill’s proud in investing in what we do for a living.”