Tags: Gundlach | Gross | intriguing | idea

Gundlach: Hiring Gross Was an 'Intriguing Idea'

By    |   Sunday, 28 September 2014 09:37 PM

In recent years, Bill Gross, who just left Pimco for Janus Group, came to be known as the bond king, and Jeff Gundlach, CEO of DoubleLine Capital, wasn't far behind.

Now it turns out there was at least a small chance of the two bond superstars working together. When Gross learned in recent weeks that Pimco was about to fire him, he got in touch with Gundlach as he searched for a new job, The Wall Street Journal reports.

Gundlach told the paper that he invited Gross over to his house to discuss whether he was interested in playing second fiddle to Gundlach at DoubleLine.

Gross didn't hide the fact that he was talking to another firm too, and on Thursday he told Gundlach in a voice mail that he had opted for Janus.

"It was an intriguing idea. I am sort of glad he made his decision for me," Gundlach said.

Gundlach told The New York Times, "I was wondering if they would have the courage or audacity to fire him. They wanted him to resign and say something like, 'I’m leaving in six months.' Bill didn’t want to do that."

Gross's erratic behavior hastened his downfall, as his investment returns slipped.

"When you’re a Master of the Universe for a while, your eccentricities are tolerated," Russel Kinnel, director of manager research at Morningstar, told The Times. "Until you cease to look like a Master of the Universe anymore."

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In recent years, Bill Gross came to be known as the bond king, and Jeff Gundlach, CEO of DoubleLine Capital, wasn't far behind. Now it turns out there was at least a small chance of the two bond superstars working together.
Gundlach, Gross, intriguing, idea
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2014-37-28
Sunday, 28 September 2014 09:37 PM
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