Bill Gross Leaves PIMCO for Janus

As you may have heard, Bill Gross left PIMCO today for Janus Capital. Mr. Gross founded PIMCO; the firm was subsequently bought by Allianz. Apparently, Mr. Gross was forced out. He was the manager of PIMCO’s flagship Total Return Fund, which has underperformed its peers recently, but has a long and excellent track record. Currently, the Total Return Fund is on Coldstream’s approved manager list. The Coldstream Investment Strategies Group will meet on Tuesday to decide whether to keep the Total Return Fund on that approved list now that Mr. Gross has departed.