(Reuters) - Janus Henderson said on Monday that veteran bond manager Bill Gross, who co-founded PIMCO in 1971, will retire and has decided to focus on managing his personal assets and charitable foundation.
Gross, 74, will leave the asset manager on March 1 after joining the firm in late 2014 and managing its Global Unconstrained Bond funds and related strategies.
Janus Henderson said its global macro fixed income team will take over the management of Gross's portfolios.
Nick Maroutsos, co-head of global bonds and portfolio manager at Janus Henderson, will become portfolio manager of the Global Unconstrained Bond funds, effective Feb. 15.
The Global Unconstrained Bond funds domiciled in the United States and Ireland will be renamed Absolute Return Income Opportunities, starting on Feb. 15, Janus Henderson said.
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Gross ran the PIMCO Total Return Fund , which was once the world's largest bond fund at a peak of $292.9 billion in assets. He and Pimco reached a roughly $81 million settlement of his lawsuit over the terms of his departure.
Pimco, or Pacific Investment Management Co, is owned by Allianz SE.
"I learned early on that without a client, there can be no franchise. I'm off - leaving this port for another destination with high hopes, sunny skies and smooth seas!" Gross said in a statement.
(Reporting by Dan Burns and Richard Leong; Editing by Jeffrey Benkoe)
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