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George Soros
Billionaire George Soros, 84, is giving Bill Gross $500 million to invest for him.
Rex Features via AP Images

Things are looking rosy for star bond fund manager Bill Gross, whose September departure from PIMCO—the fund company he founded—was accompanied by reports of tensions between Gross and other executives at the firm.

Now that Gross has moved to Janus Capital, where he manages the $440 million Global Unconstrained Bond Fund, it seems he's getting a fresh start—plus some.

Not only did Janus see more than a billion dollars of new investments flow in last month, following Gross's arrival, but the company also announced Thursday that hedge fund titan George Soros would be investing $500 million with Gross.

Quantum Partners, a vehicle for Soros's investment, will see its money managed in an account that's run parallel to but separate from the Unconstrained Bond Fund. That's so Soros will be protected from sudden inflows or outflows caused by other investors, S&P Capital IQ mutual-fund research director Todd Rosenbluth told the Wall Street Journal.

Gross tweeted: "I & my team will manage your new unconstrained strategic acct. 24h/day. An honor to be chosen & an honor to be earned as well."

Watch this video to learn more about what bond fund managers do: