The Bond King is taking on a prince.
Bill Gross is getting a co-portfolio manager to help him run Janus Capital Group’s Unconstrained Bond fund, the L.A. Times reports. Kumar Palghat, a former Pimco employee, is joining Janus as part of the firm’s $85 million purchase of a majority state in Kapstream Capital Pty, an Australian-based bond firm. Palghat was a co-founder of Kapstream.
As part of the Kapstream deal, Janus will manage $8.7 billion of global macro fixed income assets, including Gross’s unconstrained fund. Janus can also buy the remaining 49% of Kapstream.
Palghat worked at Pimco as an executive v.p. between 1997 and 2006, according to a Linkedin profile. He previously worked as a senior investment officer at the World Bank for nearly a decade.
Photo: Wikipedia.