(Bloomberg) -- Bill Gross invested more than $700 million of his own money in his unconstrained bond fund, Janus Capital Group's Chief Executive Officer Dick Weil said today in a conference call with investors and analysts.
Gross is “proud to eat his own cooking,” Weil said on a call discussing fourth-quarter earnings.
The Wall Street Journal previously reported that Gross had invested his own money in the fund, but it was unclear at the time if all $700 million -- transferred from the Morgan Stanley brokerage where his personal financial advisor works -- had come from Gross.
Gross has a history of putting his own money into the funds he manages, a move that can be seen as a vote of confidence in his strategy and help attract bigger investors. The Janus Global Unconstrained Bond Fund, which Gross has run since Oct. 6, expanded to $1.4 billion in assets as of Dec. 31, from $13 million before he joined Janus, according to data compiled by Bloomberg.
Janus today reported fourth-quarter earnings that rose 18% as it attracted new money for the first time in more than five years.
- Gross's Fund Got $700 Million From Advisor's Brokerage
- Gross Says Pimco Fired Him
- Pimco Will Fight Shareholder Lawsuit Over Fees, Salaries