European stocks hit by news of Gross departure

viernes 26 de septiembre de 2014 10:25 GYT

* FTSEurofirst 300 up 0.2 pct, trims gains in late trade

* Allianz tumbles 6 pct as Gross leaves Pimco

* Strong demand seen for bank option calls

By Blaise Robinson

PARIS, Sept 26 (Reuters) - European shares trimmed gains in afternoon trade as shares of German insurer Allianz plunged on news that fund manager Bill Gross was leaving Allianz's asset-management unit Pimco.

Gross, one of the bond market's most renowned investors, will be joining Pimco's rival Janus Capital Group, Janus said on Friday.

Allianz shares tumbled 6 percent in their biggest one-day slide in nearly three years, representing a wipeout in the group's market value of about 3.75 billion euros ($4.77 billion).

U.S. Treasury prices dipped, with traders betting that investors would pull cash from Pimco, one of the world's largest money managers.

"The news is having ripple effects on many asset classes, even on European bond yields. People think Pimco might start offloading assets," said Alexandre Baradez, chief market analyst at IG France.   Continuación...