(Bloomberg) -- Bill Gross is running his $1.5 billion Janus Global Unconstrained Bond Fund by himself -- again.

The legendary money manager is losing his No. 2, Kumar Palghat, who joined Gross as co-manager last July. Palghat will become co-manager of a new ETF, Janus Short Duration Income ETF, while continuing to oversee other mutual funds, according to a statement Thursday.

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