Bill Gross, the former manager of the world’s largest bond fund, said prices for many assets will fall this year as record-low interest rates fail to restore sufficient economic growth.

With global expansion still sputtering after years of interest rates near zero, investors will gradually seek alternatives to risky assets, Gross wrote today in an investment outlook for Janus Capital Group Inc., where he runs the $1.2 billion Janus Global Unconstrained Bond Fund.

“When the year is done, there will be minus signs in front of returns for many asset classes,” Gross, 70, wrote in the outlook. “The good times are over.”

Gross said the Federal Reserve won’t raise interest rates until late this year “if at all” as falling oil prices and a stronger U.S. dollar limit the central bank’s room to increase borrowing costs.

While the Fed has concluded its three rounds of asset purchases, known as quantitative easing, interest rates in almost all developed economies will remain near zero as central banks in Europe and Japan embark on similar projects, Gross said yesterday in an outlook published on the website of Janus Capital Group Inc., where he runs the $1.2 billion Janus Global Unconstrained Bond Fund.

“With the U.S. dollar strengthening and oil prices declining, it is hard to see even the Fed raising short rates until late in 2015, if at all,” he said. “With much of the benefit from loose monetary policies already priced into the markets, a more conservative investment approach may be warranted by maintaining some cash balances. Be prepared for low returns in almost all asset categories.”

Benchmark U.S. oil prices fell below $50 a barrel for the first time in more than five years today, as surging supply signaled that the global glut that drove crude into a bear market will persist. Gross, the former chief investment officer of Pacific Investment Management Co. who left that firm in September to join Janus, said in a Dec. 12 Bloomberg Surveillance interview with Tom Keene that the Fed has to take lower oil prices “into consideration” and take more of a “dovish” stance.

Yields on the 10-year U.S. Treasury note fell to 2.05 percent today, the lowest level since May 2013. Economists predict the U.S. 10-year yield will rise to 3.06 percent by end of 2015, according to a Bloomberg News survey with the most recent forecasts given the heaviest weightings.