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.
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.
Mark Kiesel, the Pacific Investment Management Co. bond manager who sold his home in 2006 before the U.S. property market collapsed, says he’s remodeling the house he purchased last year as he wagers prices will climb further.
Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world’s best-known bond investor and adding pressure on its rising stars to live up to his legacy.
For the first time since before the credit crisis, bond buyers are demonstrating more confidence in the U.S. banking system than in industrial companies as lenders fortify balance sheets while firms from Verizon Communications Inc. to Apple Inc. borrow record amounts.
Pacific Investment Management Co. is wagering on sectors from chemicals to airlines with ties to regions with the best outlooks for growth as Europe’s debt crisis and the U.S. fiscal cliff of higher taxes and spending reductions threaten to derail the global recovery.