Janus Drew Over $1bn After Bill Gross Joined
Bond manager Bill Gross in June. Reuters

Pimco's founder Bill Gross was given the stamp of approval from George Soros after the legendary investor gave the bond fund manager $500m to invest, in his new role at Janus Capital Management.

Quantum Partners, a private investment vehicle managed by Soros Fund Management, gave Gross a half a billion dollars cash injection after the co-founder of Pimco left the largest bond management fund in the world, following a series of public spats with his former protégé.

"We are honored to be managing a new unconstrained strategic account for Soros Fund Management [sic]," said Gross on Twitter on 20 November.

"I & my team will manage your new unconstrained strategic acct. 24h/day. An honor to be chosen & an honor to be earned as well [sic]."

Gross quit Pimco to join Janus in late September.

Investors withdrew a record sum from Pimco's flagship Total Return Fund in October following Gross's abrupt departure from the company.

The fund, which was previously managed by Gross, suffered $27.5bn (£17.6bn, €22bn) of net outflows in October, compared to $23.5bn outflows in September, a record for the mutual fund industry.

Janus Capital's total assets under management were $174.4bn as on 30 September, compared with $166.7bn a year ago, according to a statement announcing the firm's third-quarter results.

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