Bill Gross tells investors to bid ‘bye-bye’ to double-digit returns

Bill Gross, the former manager of the world’s largest bond fund, who last month took over a new fund at Janus Capital Group, said investors should say “bye-bye” to the days of double-digit returns.

“The world is slowing down,” Gross said in a heavily anticipated conversation Thursday with Janus chief executive officer Dick Weil that was broadcast on the firm’s website.

“We’re doing the best of them all,” Gross said of the U.S.,“but frankly it’s not like the old normal. It is the new normal, where global growth proceeds at a very slow pace.”

Gross, 70, started managing the Janus Global Unconstrained Bond Fund this week after leaving Pacific Investment Management Co. last month. Gross previously managed the world’s biggest bond mutual fund, the $201.6 billion Pimco Total Fund. His departure caused a huge outflow of investor money from Pimco.

This story was originally published October 9, 2014 at 10:39 AM with the headline "Bill Gross tells investors to bid ‘bye-bye’ to double-digit returns."