How to edit the position of a banner text's pointer?

Question

I have build an ITool where one can add text (ITextElement) to the map. The user can choose the symbol from the ESRI symbology. There one can choose a symbol called "Banner Text" which looks like this in the preview:

When one adds the text with this symbol, only the rectangle is shown without the 'pointer'. How can I edit this pointer? I didn't find any information about it. Maybe I'm simply missing the right name or search phrase for it.

Answer 1

In ArcObjects? Set the callout's AnchorPoint property to an IPoint at the desired map coordinates.

VB example here: http://forums.esri.com/Thread.asp?c=93&f=993&t=303569#949615

Answer 2

When you select it with the cursor there will be 4 corner "blue boxes" or grips.
And one grip located elsewhere ussually in the box by default.
That is the grip you want to pull to the location