Old Mutual Global Investors has today announced that the investment adviser of its US$272 million Old Mutual Total Return USD Bond Fund will be changed to Janus Capital, with Bill Gross returning as fund manager.
The Old Mutual Total Return USD Bond Fund is a sub fund of the Dublin domiciled Old Mutual Global Investors Series plc and is currently sub-advised by PIMCO. Janus is set to take over as investment adviser on 6 July 2015.
Bill Gross managed the fund in PIMCO for over 12 years since its launch in April 2002. Old Mutual Global Investors believes that the change of fund manager is in the best interest of clients who originally chose to be invested with Bill.
The fund’s investment objective, to maximize total return consistent with preservation of capital and prudent investment management, will not change.
Warren Tonkinson, Global Head of Distribution at Old Mutual Global Investors comments:
“We have a long standing relationship with Bill Gross and believe that clients who chose to be invested with him in the Old Mutual Total Return USD Bond Fund will benefit from this change. Bill has a vast amount of experience and an outstanding track record and we look forward to working with him and the team at Janus.
“I would also like to take the opportunity to thank PIMCO for its support in managing the fund until now.”
Bill Gross comments: "Old Mutual is an ‘old friend’ that always had faith in me at PIMCO and now has expressed confidence in me at Janus. They will get our best efforts and sincere thanks for the opportunity,"