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Sep 26, 2014

Insight – Gross’ departure from Pimco followed clashes, threats to quit

NEW YORK (Reuters) – Bill Gross’ abrupt departure from Pimco, the giant bond firm that he co-founded more than four decades ago, was preceded by months of clashes between the star investor and the firm’s executive committee that got progressively worse, according to sources familiar with the situation.

Tensions have been building within Pimco, the Newport Beach, California-based asset manager with about $2 trillion (1.23 trillion pound)under management. Co-Chief Investment Officer Mohamed El-Erian, Gross’s long-time heir-apparent, made an acrimonious exit in January. The flagship Total Return Fund suffered 16 straight months of outflows. The wrangling and the underperformance grated on the executive committee, including Chief Executive Douglas Hodge.

Sep 26, 2014

Gross’ departure from Pimco followed clashes, threats to quit

NEW YORK, Sept 26 (Reuters) – Bill Gross’ abrupt departure
from Pimco, the giant bond firm that he co-founded more than
four decades ago, was preceded by months of clashes between the
star investor and the firm’s executive committee that got
progressively worse, according to sources familiar with the
situation.

Tensions have been building within Pimco, the Newport Beach,
California-based asset manager with about $2 trillion under
management. Co-Chief Investment Officer Mohamed El-Erian,
Gross’s long-time heir-apparent, made an acrimonious exit in
January. The flagship Total Return Fund suffered 16 straight
months of outflows. The wrangling and the underperformance
grated on the executive committee, including Chief Executive
Douglas Hodge.

Sep 26, 2014

“Bond King” Bill Gross leaves Pimco for rival firm Janus

NEW YORK (Reuters) – Bill Gross, one of the bond market’s most renowned investors, on Friday quit Pimco, the huge investment firm he co-founded more than 40 years ago and with which his name has been effectively synonymous, for Janus Capital Group, a distant rival in the asset management arena.

The surprise development, which rattled the U.S. bond market, came the day before Pimco and its parent, German insurer Allianz SE, planned to dismiss Gross, a source familiar with the matter told Reuters.

Sep 26, 2014

Storied bond investor Bill Gross quits Pimco for Janus

NEW YORK (Reuters) – Bill Gross, one of the bond market’s most renowned investors, on Friday quit Pimco, the huge investment firm he co-founded more than 40 years ago and with which his name has been effectively synonymous, for Janus Capital Group, a distant rival in the asset management arena.

The surprise development, which rattled the U.S. bond market, came the day before Pimco and its parent, German insurer Allianz SE, planned to dismiss Gross, a source familiar with the matter told Reuters.

Aug 1, 2014

SEC launched extensive probe to identify sources in Reuters stories

NEW YORK/WASHINGTON (Reuters) – A U.S. Securities and Exchange Commission watchdog conducted an extensive, months-long investigation to find out who had leaked information that appeared in two Reuters stories published last autumn, but it was unable to identify the sources, according to a report of the probe seen by Reuters on Thursday.

The SEC’s Office of Inspector General (OIG) started the investigation after Reuters published information about the regulator’s decision, taken in a closed-door meeting on September 12, 2013, to settle its probe into JPMorgan Chase & Co’s massive London Whale trading loss.

Jul 6, 2014

When CEO has cancer, board must plan for more than succession

NEW YORK, July 6 (Reuters) – When Goldman Sachs’ then-senior
partner, Gus Levy, suffered a stroke in the middle of a client
meeting in 1976 and died shortly after, the bank’s management
didn’t know who would lead the firm. No one, it seemed, had
planned for succession.

What happened next is not entirely clear. As Roy Smith, a
former Goldman partner, tells the story, Levy had left a
note in the top drawer of his desk in the office. It said if
anything were to happen to him, the management committee should
name John Whitehead and John Weinberg as co-senior partners, and
so Goldman did that, Smith said.

Jun 5, 2014

Sprint agrees to pay about $32 billion to buy T-Mobile – source

NEW YORK/FRANKFURT (Reuters) – Sprint Corp (S.N: Quote, Profile, Research) has agreed to pay about $40 per share to buy T-Mobile US Inc (TMUS.N: Quote, Profile, Research), a person familiar with the matter said, marking further progress in the attempt to merge the third and fourth-biggest U.S. mobile network operators.

The $40 price represents a 17 percent premium to T-Mobile US’s closing share price on Wednesday, giving it a valuation of more than $32 billion (19.10 billion pounds) and the shares have more than doubled in price since the group bought smaller rival MetroPCS a year ago.

Jun 5, 2014

Sprint agrees to pay about $40 per share to buy T-Mobile – source

NEW YORK (Reuters) – Sprint Corp has agreed to pay about $40 per share to buy T-Mobile US Inc, a person familiar with the matter told Reuters on Wednesday, signalling progress in a long-contemplated deal to merge the third- and fourth-largest U.S. wireless carriers.

At that price, about a 17 percent premium to the carrier’s Wednesday close, T-Mobile would be worth more than $32 billion. But the person said many other details needed to be worked out that would affect how much money changed hands.

Jun 5, 2014

Sprint agrees to pay about $40/shr to buy T-Mobile -source

NEW YORK, June 4 (Reuters) – Sprint Corp has agreed to
pay about $40 per share to buy T-Mobile US Inc, a
person familiar with the matter told Reuters on Wednesday,
signalling progress in a long-contemplated deal to merge the
third- and fourth-largest U.S. wireless carriers.

At that price, about a 17 percent premium to the carrier’s
Wednesday close, T-Mobile would be worth more than $32 billion.
But the person said many other details needed to be worked out
that would affect how much money changed hands.

Jun 2, 2014

Element, PHH boards approve deal for auto leasing unit -sources

NEW YORK, June 2 (Reuters) – Element Financial Corp
is finalizing a deal to buy PHH Corp’s auto fleet
leasing business for about $1.4 billion after the boards of both
companies approved the transaction over the weekend, two sources
familiar with the matter said on Monday.

PHH’s net proceeds from the deal, after taxes and expenses,
were expected to be between $750 million and $800 million, one
source said.