Pimco manager returns after Bill Gross’s departure
Nothing crystallised the controversy over Bill Gross’s management style at Pimco so much as the suggestion that one underling was so unhappy he quit to sell croques monsieur from a food truck.
But with the departure of Mr Gross last month, Jeremie Banet is folding away his apron and returning to the bond fund management company he left in June.
Mr Banet, who managed an inflation-protected bonds portfolio, will start work again next week, Pimco said, and that he was one of two former executives returning to the Newport Beach-based firm.
The news comes as Pimco is trying to persuade clients to keep their money with the company, despite months of negative headlines about management turmoil and the departure of its star and founder.
Since June, Mr Banet has been focused on Monsieur Madame, a food truck business he runs with his wife, which promises “artisanal French food” and “a different angle to the French art de vivre”.
Mr Banet’s reported treatment at the hands of Mr Gross became emblematic of concerns over the Pimco’s boss’s sometimes overbearing style, which ultimately led to a rebellion by some of the company’s portfolio managers.
Mr Gross walked out on September 26 to join Denver-based fund manager Janus Capital, hours before Pimco’s executive committee planned to fire him.
Source: FT-Pimco manager returns after Bill Gross’s departure
