Newport Beach-based PIMCO, a leading global investment management firm, announced this week that Chief Executive Officer and Co-Chief Investment Officer Mohamed A. El-Erian has decided to step down from his role and leave the firm in mid-March.
He will remain a member of the Allianz International Executive Committee and, as of mid-March, also advise the Board of Management of Allianz on global economic and policy issues.
PIMCO’s founder William H. Gross will continue to serve as the firm’s Chief Investment Officer. At the same time, the firm has appointed a new portfolio management and executive leadership team. They will immediately begin to transition into their new roles.
Business Management leadership appointments:
• Douglas Hodge, Chief Executive Officer: Hodge is a managing director in the Newport Beach office and is currently PIMCO’s chief operating officer. Previously he led the firm’s Asia Pacific region from the Tokyo office. He joined PIMCO in 1989
• Jay Jacobs, President: Jacobs is a managing director in the Newport Beach office and is currently the head of talent management globally. Previously, he was the head of PIMCO’s German business, based in Munich. He joined PIMCO in 1998.
• Craig Dawson, Head of Strategic Business Management: Dawson is a managing director and is currently head of PIMCO Germany, Austria, Switzerland and Italy, based in the Munich office. He is also head of product management for Europe. In his new role, he will relocate to the Newport Beach office. He joined PIMCO in 1999.
Portfolio Management leadership appointments:
• Andrew Balls, Deputy Chief Investment Officer: Balls is a managing director in the London office, a member of the Investment Committee and head of European portfolio management. He joined PIMCO in 2006.
• Daniel Ivascyn, Deputy Chief Investment Officer: Ivascyn is a managing director in the Newport Beach office, head of mortgage credit portfolio management, and a lead portfolio manager for PIMCO’s alternatives investment strategies.
Morningstar named him 2013 Fixed-Income Fund Manager of the Year (US). He joined PIMCO in 1998.
“Mohamed has been a great leader, business builder and thought leader for PIMCO and our clients,” said Gross. “Together we have guided the firm and served our clients during a period of significant change in the global economy and financial markets. We are pleased that he will remain a part of the Allianz Group.”
“I have been extremely honored and fortunate to work alongside Bill Gross, who is one of the very best investors in the world,” said Dr. El-Erian. “His talents are truly exceptional, as is his dedication. I have also been amazingly privileged to work with the most talented group of professionals in the investment management industry. Their commitment and tireless work on behalf of our clients have been a consistent inspiration for me since I first joined PIMCO back in 1999. I wish them continued great success.”