Mohamed El-Erian, widely viewed as the successor to Pacific Investment Management Co.’s Bill Gross, resigned after six years as the firm struggles to stem record redemptions from the world’s largest bond fund.
When Mohamed El-Erian first told Bill Gross several weeks ago that he wanted to leave to “recharge the batteries,” the co-founder of Pacific Investment Management Co. was ``shocked'' and ``discouraged.''
Pacific Investment Management Co., the world’s biggest bond manager, named four deputy chief investment officers in an overhaul of its leadership team after Mohamed El-Erian’s decision last week to step down as chief executive officer.
Pacific Investment Management Co.’s Bill Gross is giving the firm’s six new deputy chief investment officers more autonomy in a leadership overhaul spurred by Mohamed El-Erian’s decision to quit as chief executive officer.
Bill Gross, co-founder and chief investment officer of Pacific Investment Management Co., said the firm plans to appoint more investment deputies in the coming weeks after the departure of Mohamed El-Erian.
Pacific Investment Management Co. is shunning long-dated European government securities because of the region’s growth outlook, according to Andrew Balls, head of European portfolio management at the firm.