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European markets hit by news of Gross departure

Reuters - UK Focus

PARIS, Sept 26 (Reuters) - European shares trimmed their gains in afternoon trade as shares of German insurer Allianz sank on news 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, representing a wipeout in the group's market value of about 3.75 billion euros ($4.77 billion).

At 1313 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,374.05 points. The index was up 0.3 percent before news of Gross departure. (Reporting by Blaise Robinson; Editing by Lionel Laurent)