Bill Gross is leaving PIMCO and joining Janus Capital.
PIMCO is a subsidiary of Allianz, the German financial services and insurance conglomerate.
Following the news, shares of Janus exploded higher, gaining as much as 40% in pre-market trade and opening up 37% at the bell on Friday.
Allianz shares trading in Frankfurt went the opposite direction, falling more than 5%. Meanwhile, US-listed shares of Allianz, were down more than 6% after the market open.
Here’s the ugly chart of German-listed Allianz shares.
And the amazing chart of Janus shares.