When you capture the king in chess, the game is over. In the bond market, the game just restarts with some new rules. Friday morning’s announcement from Janus Capital Group Inc. (NYSE: JNS) rewrote the rules.

The company’s stock price was up 40% in premarket trading Friday morning at around $15 a share after closing at around $11 last night. At that price the hiring of bond king William H. Gross from PIMCO has added about $700 million to Janus’s market cap so far Friday morning.

Conversely, Germany’s Allianz, which owns PIMCO, is down about 6% on the country’s XETRA exchange. If you want to see a serious price change, we tracked major price drops in many PIMCO closed-end funds on the news as well.

Gross will join Janus and manage a recently launched Janus Global Unconstrained Bond Fund and related strategies. The firm said that Gross will join Myron Scholes and other members of the Janus team focused on global asset allocation.

Gross’s employment will be effective September 29, 2014, and he will begin managing the Janus Global Unconstrained Bond Fund and related strategies effective October 6, 2014.

Gross’s Total Return Fund has experienced redemptions in each of the past 16 months. The U.S. Security and Exchange Commission said earlier this week that it is investigating the possibility that the PIMCO inflated returns on the fund.

Shares of Janus were trading up more than 33% in the first half-hour of action Friday morning to $14.83, after posting a new 52-week high of $15.65 shortly after opening. The stock’s 52-week low is $8.41. At the high price, the company’s market cap was up more than $830 million.

ALSO SEE: Bond King Bill Gross Leaves PIMCO for Janus!

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