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.''
Bill Gross, the money manager known as “The Bond King,” misjudged the timing and impact of the Federal Reserve’s plan to scale back its asset purchases in 2013, spurring the Pimco Total Return Fund’s biggest decline in almost two decades.
In a step toward more independence, Pacific Investment Management Co. is taking control of fund sales from parent Allianz SE after assets at the bond manager jumped sixfold since the takeover a decade ago.
With his blank expression framed by a stringy wig and an unflattering black ensemble that makes him appear slightly paunchy and derelict, Douglas Hodge brings to Broadway an unprecedented interpretation of the courtly Cyrano de Bergerac as frat boy, in a production that could be an episode of TV’s “Arrested Development.”