Bond kingpin Bill Gross’ new home, Janus Capital Group Inc., said its profit rose 25 percent as its revenue and assets under management in the most-recent quarter grew compared with last year’s period.
Gross shocked the investment world in late September, when he left Pacific Investment Management Co., the firm he co-founded in 1971, for Janus to run a small bond fund that was started in May.
Investors pulled $23.5 billion out of Gross’ former fund, Pimco’s Total Return, after he left, while his new fund at Janus experienced a small bump in inflows, according to data from Morningstar Inc.
Janus hopes Gross’ presence broadens its business.
The firm said it ended the third quarter with $174.4 billion in total assets under management, compared with $177.7 billion in the previous quarter and $166.7 million a year earlier.
The decrease from the June to the September quarters came from long-term net outflows of $2.1 billion and net market depreciation of $1.2 billion.
Janus posted a profit of $40.9 million, or 22 cents a share, up from $32.6 million, or 17 cents a share, a year earlier.
Total revenue rose 8.9 percent to $237 million.
Analysts had expected 22 cents a share in earnings and $239 million in revenue, according to Thomson Reuters.
