The investment management firm of billionaire investor George Soros pulled out its $500 million investment in a fund managed by Bill Gross at Janus Capital Group, according to a report from the Wall Street Journal based on information from a person familiar with the situation and industry data.

Soros Fund Management made the $500 million investment in November last year. The investment was viewed by market observers as a stamp of approval for Gross’ new venture at Janus Capital Group. Mr. Gross left Pacific Investment Management Company (PIMCO) in September, last year.

Mr. Gross filed a lawsuit against PIMCO. He claimed that a group of managing directors at PIMCO, “driven by lust for power, greed, and desire to improve their own financial position and reputation at the expense of investors and decency” plotted to drive him out of the firm he founded. Did Soros read the lawsuit and think what is Mr. Gross doing? Or was another factor at play?

Janus Capital Soros

Soros’ investment redemption a blow to Gross

The decision Soros Fund Management to redeem its investment came after Mr. Gross’ Janus Global Unconstrained Bond Fund declined 1.2% and suffered outflows this year. Market observers suggested that Soros firm’s investment redemption is a major blow to Mr. Gross also known as the “bond king.”

According to the Wall Street Journal, the $500 million investment of Soros Fund Management was not held in Janus Global Unconstrained Bond Fund, but in a separate, institutional account, which is also managed by Mr. Gross.

Data from eVestment LLC, an industry data provider that tracks institutional at accounts at fund firm, showed Janus Capital did not report a $490 million in separate accounts managed by the firm between the second and third quarter.

Pension & Investments earlier reported a $490 million outflow, but the trade publication did not identify that entity that made the withdrawal from Janus Capital.

Janus Capital stock performance

The report regarding Soros firm’s decision to pull out its investment in Mr. Gross fund appeared to have no negative impact on the stock price of Janus Capital.

The shares of Janus Capital are trading $15.81 per share, up by nearly 2% at the time of this writing, around 1:19 in the afternoon in New York, today.

Over the past 52 weeks, the shares of Janus Capital traded between $13.12 and $18.98 per share—a gain of almost 6% in stock value. Year-to-date, the company lost nearly 2% in stock value.