Bill Gross—the man who earned the nickname Bond King from the financial press for his outsized media presence and years of outperformance at PIMCO—is leaving the firm to join Janus Capital Group, the company said in a press release this morning.
Shares of Janus Capital surged on the news, rising 38% in pre-market trading.
Allianz SE, the German insurer that owns Gross’ former home, PIMCO, saw its share fall sharply on the news.
Gross has been a mainstay of the financial world for decades. He co-founded PIMCO in 1971. But his star really started to rise in 1987, when he launched the PIMCO total return fund.
His timing was excellent. Interest rates were in the early days of a decades long decline, that pushed bond prices up almost relentlessly. (Bond prices rise and interest rates decline.)
More to come …
Bill Gross is leaving PIMCO, and shares of his new home are surging
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