Famed fund manager Bill Gross’ surprise move from the firm he founded, PIMCO, to Janus Capital Group Inc. last week may have attracted plenty of attention, but it doesn’t immediately boost Janus’ financial fortunes, says Moody’s Investors Service.

In a new report, the rating agency says that while the equity market reacted strongly to the news, boosting Janus stock by 43% on the day of the announcement, it doesn’t see the move impacting Janus’ credit quality — at least in the short term.

“The success of asset management firms is founded both on performance and reputation. Financially, Janus’ fortunes remain tied to its traditional equity funds, which have suffered from weak performance and remain in outflows. Mr. Gross’ reputation may be able to boost investor interest in the franchise and Janus’ new products, but until the 70-year-old’s new activities attain critical mass, his arrival does not change our view of Janus’ credit quality,” it says.

Moody’s notes that the new fund that Gross will manage holds just US$12.9 million, which, it says, is an “insignificant amount” for a firm with a total US$177.7 billion in assets under management (AUM); and the US$4.8 billion of net outflows that the firm has seen so far this year. “It will take a considerable amount of time and success for any new product to make a meaningful contribution to Janus’ overall financial picture,” it says, noting that it has taken three years for Janus’ credit-oriented fixed-income funds to increase their share of the firm’s AUM to 17% from 10%.

Moreover, it points out that there’s some regulatory uncertainty hanging over the defection. “Janus’ move to hire Mr. Gross strikes us as precipitous, coming two days after last week’s multiple news reports about the US Securities and Exchange Commission investigation of alleged improper valuation and performance reporting in PIMCO’s US$3.6 billion Total Return exchange-traded fund,” Moody’s says. “If the SEC determines that these allegations are true, it would not be clear what liabilities – both legal and reputational – might attach to Mr. Gross.”