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Pimco bond fund guru Bill Gross defects to rival Janus Capital

Bill Gross, the unconventional but wildly successful money manager who helped build Pacific Investment Management Co. into a financial juggernaut, shook up the staid bond industry Friday by jumping ship to a rival firm. A yoga-practicing billionaire who doesn't own a cellphone, the 70-year-old Gross -- known as the bond king -- left the Newport Beach, Calif., company amid clashes with other executives and declining returns. The turmoil includes a federal investigation, the earlier departure of Pimco's high-profile chief executive and an outflow of billions of dollars from the firm's signature bond fund -- the largest of its kind and a staple in Americans' 401(k) retirement plans. "In ...

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