(Bloomberg) -- Old Mutual Global Investors transferred management of a $272 million bond fund to Bill Gross at Janus from his previous firm, Pimco.

Gross, 71, returns to managing the Old Mutual Total Return USD Bond Fund on July 6, Old Mutual said in a statement from London on Friday.

“Old Mutual is ‘an old friend’ that always had faith in me at Pimco and now has expressed confidence in me at Janus,” Gross said in the statement. “They will get our best efforts and sincere thanks for the opportunity.”

Gross is seeking to attract capital to Denver-based Janus after leaving Pimco, which he co-founded in 1971, amid a power struggle. His Pimco Total Return Fund, which peaked at $293 billion in 2013, saw client withdrawals for 16 consecutive months before his departure. It lost the title of the world’s biggest bond fund in April as withdrawals continued.

“We have a long-standing relationship with Bill Gross,” said Warren Tonkinson, global head of distribution at Old Mutual Global Investors. “Bill has a vast amount of experience and an outstanding track record.”

Gross’s Janus Global Unconstrained Bond Fund, with assets of $1.52 billion at the end of April, fell 0.9% in the past month, outperforming 55% of similarly run funds, according to data compiled by Bloomberg. It lost money after Gross wagered German bunds would trade in a narrow range rather than betting all-out against the debt. It’s down 0.3% this year and 1.6% over the past 12 months.

SAME STRATEGY

Gross managed the Old Mutual fund for more than 12 years since it was started in 2002. The objective of total return consistent with preservation of capital and prudent investment management won’t change, the company said.

Old Mutual Global Investors, as well as other parts of Old Mutual Wealth, continues to have a working relationship with Pimco, said Vee Montebello, a spokeswoman for Old Mutual.

Pimco Total Return has gained 0.3% this year, outperforming 47% of peers. Funds under management fell to $107.3 billion in May after clients pulled $2.7 billion during the month. The withdrawals slowed from $5.6 billion in April and $7.3 billion in March, according to the Newport Beach, Calif.-based firm.

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