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Janus Capital is trading at $14.85, up 33% on the day after the news hit the wires that Bill Gross, who is known in the industry as the ‘bond king’, has quit PIMCO and is set to start to at Janus Capital effective immediately.
PIMCO is one of the biggest fixed income fund managers in the world and it is owned by the German insurer Allianz SE, which is currently trading at €128.87, down 5.5% on the back of the news.
Newsflow suggests that Mr Gross was close to being forced out of PIMCO, but it would appear that he made his exit in the nick of time. PIMCO has a recent history of squabbling among senior management and news commentators are suggesting this is why he left. In a statement from Janus Capital, Mr Gross will be spending the majority of his time managing a newly set bond fund. It is worth noting that Janus is more focused on equities rather than bonds.
Janus Capital was trading between $11-$13 over the past few months. We may see some profit taking in the short-term but in the medium-term this could be the move which puts the stock on a track to $15.