Bill Gross, the one-time bond king who built investing giant Pimco from the ground up 48 years ago then went on to run his own fund at Janus Henderson, is retiring at age 74, his firm announced Monday.

The retirement marked the end of an era, closing a career for a fixed income expert who once had the ear of policymakers in the highest places. After leaving Pimco, who was never able to regain the standing he once held, and the fund he ran for Janus Henderson had mostly underperformed in the nearly five years he had been there.

“I’ve had a wonderful ride for over 40 years in my career — trying at all times to put client interests first while inventing and reinventing active bond management along the way,” Gross said in a statement.

This story is developing. Please check back for updates.

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