(Bloomberg) -- Mohamed El-Erian, widely viewed as the successor to Pimco’s Bill Gross, resigned after six years as the firm struggles to stem record redemptions from the world’s largest bond fund.
El-Erian, 55, will leave his dual roles of chief executive officer and co-chief investment officer in mid-March, according to a statement yesterday from Allianz SE, the Munich-based parent of Pimco. Douglas Hodge, the firm’s operating chief, will become CEO, and money managers Andrew Balls and Daniel Ivascyn will become deputy investment chiefs, overseeing the firm’s $1.97 trillion alongside CIO Gross.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access