Bill Gross is on the move.
The legendary investor is heading to Janus Capital Group, where he will manage a recently launched bond fund for the firm.
Shares of Janus Capital jumped 40% in premarket trading.
Pimco, the $2 trillion company that Gross founded and built into the world’s largest bond fund manager as chief investment officer, did not immediately respond to requests for comment.
Janus said Gross will be based in a new office in Newport Beach, Calif., the same locale as Pimco’s headquarters.
The idea that Gross is jumping ship is a big deal in the investment world and comes amid heightened turmoil for Pimco.
The firm revealed earlier this week that it’s currently the subject of a Securities and Exchange Commission investigation over the way it prices some of its investments.
It’s also struggled with outflows this year as ultra low interest rates have dampened bond returns across the industry.
And earlier this year, its co-chief investment officer Mohamed El-Erian unexpectedly resigned.
Shares of Allianz, the German conglomerate that owns Pimco, fell more than 3% in European trading.
