Gross’s Fund Got $700 Million From Adviser’s Brokerage
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Bill Gross may be getting the ultimate vote of confidence from none other than Bill Gross.
The majority of money gathered by Gross’s new fund at Janus Capital Group Inc. came from the same Morgan Stanley brokerage where his personal financial adviser works, according to the Wall Street Journal. The wealth-management office in La Jolla, California, routed about $700 million to Gross’s fund in October and November, the newspaper said yesterday, citing confidential brokerage data viewed by executives. The report didn’t say how much of the money came from Gross himself.