Fund star Gross arrives too late to halt Q3 Janus outflows

BOSTON: Janus Capital Group Inc said on Thursday that third-quarter profit rose 25 percent, but the mutual fund company posted more outflows of investor cash as the arrival of star bond manager Bill Gross came too late to reverse the trend.

Best known for its equity funds, Denver-based Janus late last month hired Gross from Pacific Investment Management Co, or Pimco. The small fund that Gross now manages has already drawn sharply higher inflows for September, according to Morningstar data.