Tags: Gross | Pimco | El-Erian | bonds

Gross Says Pimco to Appoint More Deputy CIOs as El-Erian Quits

Wednesday, 22 Jan 2014 02:24 PM

 

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Bill Gross, 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.

“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 said today in a telephone interview from his office in Newport Beach, California. “We’re not just bond people anymore.”

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, helping Gross oversee the firm’s $1.97 trillion.

Gross said that as Pimco continues to evolve from a bond-centric firm to a diversified money manager, he intends to appoint investment professionals specializing in equities, global bonds and other asset classes to leadership roles. Gross, 69, said he has no intention to scale back his role even as he elevates other executives.

“Think of me sort of as a permanent fixture,” he said. “I’d like to be here for a long time."

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