Mohamed El-Erian has unexpectedly stepped down as chief executive and co-chief investment officer of Pimco.
Neither El-Erian (pictured) nor Pimco, which oversees assets worth more than $1.9trn, gave a reason for his departure, which is scheduled for March. He will, however, stay on as a consultant at Pimco’s parent company, German insurance giant Allianz.
El-Erian, who joined Pimco in 1999, was named by Pimco co-founder Bill Gross as the man he wanted to take over from him as head of the business two years ago.
In a statement, Allianz said El-Erian “has resigned from his functions effective mid-March and will leave Pimco at the same time. He will stay on the International Executive Committee of Allianz and will advise the Board of Management of Allianz SE on global economic and policy issues.”
Allianz said Douglas Hodge, currently the managing director and chief operating officer of the firm, would be its next chief executive, with other managing directors Andrew Balls and Daniel Ivascyn acting as his deputies.
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