Major news in the world of bond managers is taking place. Janus Capital Group Inc. (NYSE: JNS) has announced that a William H. Gross will be joining the firm. This is the Bond King, Bill Gross of PIMCO.

After much turmoil inside PIMCO over the past year, Janus issued a press release on Friday morning that world-renowned fixed income investor Bill Gross will join Janus and will 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.

This story has two updates from the original posting. We noticed that many of PIMCO’s closed-end funds were getting trashed after the news broke, and Janus appears to have landed a $700 million value boost from adding Gross to its team.

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.

The press release also signals that Gross will be based in a new Janus office to be established in Newport Beach, Calif. (close to where his current location is) and will be responsible for building-out the firm’s efforts in global macro fixed income strategies.

We have yet to reach anyone for formal confirmations inside PIMCO or Janus, but the Janus website pretty much tells the whole picture … and at the same time PIMCO’s website still had pictures of Bill Gross all over it.

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Janus shares closed at $11.11 on Thursday, and shares were up at $13.35 in the premarket trading session. Quotes from the release were listed below.

Richard M. Weil, Chief Executive Officer of Janus Capital Group, said:

Bill Gross has an exemplary track record with decades of success and he will offer an exceptional approach to navigating today’s increasingly risky markets with a focus on macro, unconstrained strategies. His involvement provides Janus a unique opportunity to offer strategies and products that are highly complementary to those already managed by our credit-based fixed income team. With Bill leading our global macro efforts and Gibson our credit-based fixed income team, I am confident Janus will be able to meet the needs of virtually any client.

The Bill Gross quote said:

I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization. I chose Janus as my next home because of my long standing relationship with and respect for CEO Dick Weil and my desire to get back to spending the bulk of my day managing client assets. I look forward to a mutually supportive partnership with Fixed Income CIO Gibson Smith and his team; they have delivered excellent results across their strategies, which deserve more attention.

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