Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Gross' Move Moves Markets Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 26, 2014

Gross' Move Moves Markets

Reported by Sean Hanna, Editor in Chief

Bill Gross's jump to Janus from Pimco is as good as gold for holders of Janus shares, as well as Larry Fink and Blackrock's shareholders. JNS opened the day at $15.35, a gain of 38 percent from Thursday's $11.11 close.

The increase added more than $777 million to Janus' market cap at the start of the day.

Janus shares had traded in a range from $11 to $11.50 all week, suggesting that the Bond King's news surpsised Mr. Market as much as it did those in the mutual fund industry.

Meanwhile, shares in Allianz dropped nearly six percent on Friday in trading in Germany. Allianz is the parent company to Pimco. The fall knocked nearly $3.7 billion from Allianz' market cap.

Rival bond managers have also benefited from Gross' move. Shares in BlackRock are trading more than 4 percent higher. Legg Mason shares are doing even better, trading more than five percent higher. Legg Mason is the parent company to Pimco rival Wamco, or Western Asset Management.

Legg Mason has added $280 million in market cap while BlackRock added $2.3 billion.

Shares in Oaktree Capital Group, the venture capital firm that backed Jeffrey Gundlach's DoubleLine Capital rose a tad just less than three percent on Friday. Gundlach told Reuters that he and Gross met last week to discuss a possible role for Gross at DoubleLine. Instead, Gross opted to join Janus, where his old Pimco colleague Dick Weil is CEO.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use