(Bloomberg) -- When Bill Gross quit bond giant Pacific Investment Management Co. three months ago, almost as stunning as his departure was his choice of employer: Janus Capital Group Inc., a struggling stock fund manager whose assets had shrunk by half from a peak 14 years earlier.

Two chief executive officers had tried and failed to turn around the firm. A third, Richard M. Weil, a former Pimco operating chief who had worked with Gross before moving to Janus, started to diversify, yet redemptions persisted.

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