PIMCO's Bill Gross to join Janus Capital

NEW YORK (AP) — Bond investor Bill Gross, a managing director of PIMCO, is leaving the company to join Janus Capital.

Gross was one of the founders of PIMCO in 1971, building the Newport Beach, California-based investment company into one of the world's largest bond managers. Today, the company manages $1.9 trillion in assets.

He will join Janus at the end of the month and manage the company's recently launched unconstrained Bond Fund, Janus said in a press release. His first day at the company will be Sept. 29.

Shares of Janus jumped $3.93, or 35 percent, to $15.15 in early trading.

Gross will help open a new office in Newport Beach, California, focusing on fixed-income strategies.

PIMCO didn't immediately respond to a request for comment.