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Pimco's Gross to name more deputies after El-Erian exit: Bloomberg [January 23, 2014] NEW YORK (Reuters) — Bill Gross, co-founder and co-chief investment officer of bond giant Pimco, said the firm plans to appoint more deputy investment managers in the coming weeks after the departure of Chief Executive Mohamed El-Erian, Bloomberg reported Wednesday. |
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"I intend there to be a number of heirs apparent
and for each of them to have assigned asset roles on a global
basis with a global menu," Gross told Bloomberg. Pimco said on Tuesday that El-Erian, who is also co-chief
investment officer, will leave in mid-March. Gross will be left
as the sole chief investment officer. Pimco on Tuesday said that managing directors Andrew Balls and
Daniel Ivascyn will be deputy chief investment officers, a move
that will position them for a possible promotion to the CIO spot
when Gross, 69, retires. Gross told Bloomberg on Wednesday that he intended to appoint
investment professionals for equities, global bonds and other
asset classes to leadership roles. "We're not just bond people
anymore," he said. Pimco was not immediately available for comment. Pacific Investment Management Co., a unit of European financial
services company Allianz SE <ALVG.DE>, had $1.97 trillion in
assets as of September 30, according to the firm's website. Pimco is known mainly for its bond expertise. Gross manages the
flagship Total Return Fund, the world's largest bond fund with
$237 billion in assets. Gross told Bloomberg that he was shocked when El-Erian told him
several weeks ago that he wanted to leave the Newport Beach,
California-based firm, and said that he and the firm's executive
committee tried to convince El-Erian to stay. El-Erian told Gross that he wanted to leave to "recharge the
batteries," write a second book and spend more time with his
family, Bloomberg reported. El-Erian had first joined Pimco in 1999, after leaving the
International Monetary Fund, where he was a deputy director. In
2006, he left Pimco to run Harvard University's investment arm,
before rejoining Pimco in late 2007. Pimco said Tuesday that its chief operating officer, Douglas
Hodge, will replace El-Erian as chief executive. (Reporting by Sam Forgione; editing by Leslie Adler) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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