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Monday, September 29, 2014

Allianz says no plans to ramp up Pimco controls despite turmoil, (NYSE: JNS)

German insurer Allianz says it has no plans to increase oversight of its California-based investment unit Pimco after the shock departure of co-founder Bill Gross sent shares in the Munich-based parent tumbling at the end of last week.Allianz stock, which fell over 6 percent on Friday, recovered somewhat on Monday morning, up 1 percent at 1000 GMT. But the departure of Gross, known as the "bond king" for his stellar track record in the fixed income markets over decades, sparked a flurry of broker downgrades of Allianz in anticipation of massive investor outflows from Pimco funds.Gross's abrupt departure to rival Janus Capital Group comes just eight months after his presumed successor as head of Pimco, former CEO Mohamed El-Erian, quit the group amid a row with Gross, raising questions about Allianz's oversight of its Newport Beach subsidiary.Throughout the turmoil, the German firm has denied the need to exert stronger control over Pimco, and reiterated that message in newspaper interviews on Monday.

Janus Capital Group Inc., and its subsidiaries (JCG) provide investment management, administration, distribution and related services to financial advisors, individuals and institutional clients through mutual funds, other pooled investment vehicles, separate accounts and sub advised relationships (collectively referred to as investment products) in both domestic and international markets. Shares of JNS traded higher by 43.02% or $4.78/share to $15.89. In the past year, the shares have traded as low as $8.41 and as high as $15.95. On average, 4312670 shares of JNS exchange hands on a given day and today's volume is recorded at 132354768.