Janus Henderson Investors said Bill Gross, 74, will retire from the investment firm, departing on March 1. 

In 1971, the storied investor helped found PIMCO, the largest bond fund manager in the world. 

In 2014, he moved on to Janus to manage its Unconstrained Bond Fund. But in the past few years, the fund has suffered a raft of outflows after his fund underperformed its 3-month LIBOR benchmark.

After the retirement, Bill Gross will focus on managing his personal assets and on his private charitable foundation.