El-Erian will remain on the international executive committee of parent company Allianz and continue to advise the management board on global economic and policy issues.
He said: “I have been extremely honoured and fortunate to work alongside Bill Gross, who is one of the very best investors in the world.” Gross, who founded Pimco and manages the flagship $237bn Pimco Total Return fund, will continue to serve as chief investment officer.
A number of other management changes have been made at Pimco. Jay Jacobs, currently head of talent management, will become president of the company while Pimco Germany, Austria, Switzerland and Italy head Craig Dawson has been made head of strategic business management.
Meanwhile, Andrew Balls and Daniel Ivascyn have been named deputy chief investment officers. London-based Balls is a member of the firm’s investment committee and head of European portfolio management. Ivascyn, who is based in Newport Beach, is head of mortgage credit portfolio management and a lead portfolio manager for Pimco’s alternative investment strategies.
