Bill Gross’s Successor Rolls With a $600 Million Punch

There will come a time in the not-too-distant future when Nick Maroutsos, co-head of global bonds at Janus Henderson Group Plc, is thought of as more than just the manager who took over Bill Gross’s former mutual fund when he retired.

For today, though, that context is vital. Largely because the former bond king wasted no time in pulling out his money, assets in the renamed Janus Henderson Absolute Return Income Opportunities Fund plunged to $232 million at the end of March from $830 million at the end of February, Bloomberg News’s John Gittelsohn reported. Maroutsos had said he expected such redemptions from Gross, who eventually came to represent more than half the fund’s total assets, though he contended he didn’t know when and added “we’d love for him to keep it in.”