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Bill Gross Sues PIMCO

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Fixed income guru Bill Gross who now works at Janus Capital is suing his former employer Pacific Investment Management Company LLC (PIMCO). Gross co-founded PIMCO and left the firm in 2014. Gross claims he is owned hundreds of millions in unpaid compensation.

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Part of the lawsuit states, “Driven by a lust for power, greed, and a desire to improve their own financial position and reputation at the expense of investors and decency, a cabal of Pacific Investment Management Company LLC (“PIMCO”) managing directors plotted to drive founder Bill Gross out of PIMCO in order to take, without compensation, Gross’s percentage ownership in the profitability of PIMCO.”

With regard to El-Erian and Gross’ Tussle: “Mr. Gross was pleased that a succession plan was in place and, for a time, worked in alignment with El-Erian. Cracks soon began to appear in this alliance, however, as El-Erian sought to force PIMCO out of its core focus on bonds and related fixed income securities and instead ~ become a general-purpose investment management firm offering stocks, commodities, real estate, and hedge fund-like products to investors. As time passed, Mr. Gross characterized El-Erian’s plan as similar to the extensive and varied menu at a Cheesecake Factory restaurant, while his own favored approach was “bonds and burgers” a simple, laser focus on a specific type of securities that had been successful since PIMCO’s founding and provided stable returns for investors. In fact, in the three years preceding his departure, Mr. Gross’s flagship Total Return Fund produced returns that were almost double those of the benchmark Barclays US Aggregate Bond Index.”

Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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