EL-ERIAN: PIMCO's New CIO Is One Of The Most Considerate And Decent People I Know

Mohamed El-ErianYouTube / TEDx TalksMohamed El-Erian

Hours after Bill Gross announced his stunning resignation from PIMCO, parent company Allianz announced that Daniel Ivascyn would fill the vacated seat.

Ivascyn, also known as “a beast,” became the heir-apparent after then co-CIO Mohamed El-Erian unexpectedly announced his resignation from the firm in January.

El-Erian went on to become Chief Economic Adviser for Allianz.

“Dan is a brilliant investor, inspiring leader, superb manager and one of the most considerate and decent people I know,” El-Erian said in a new statement from Allianz. “He is a great Group CIO for PIMCO.”

El-Erian’s resignation was followed by a series of odd reports of Gross’ unusual behaviour at the firm. One PIMCO portfolio manager reportedly quit because of Gross.

El-Erian did not respond to Business Insider’s request for comment.

While we may never know exactly how El-Erian feels about how events unfolded, we’d speculate that any regret he feels is probably limited. In a recent piece for Worth, he wrote that his decision to resign was “so far” the “right decision.”

“As much as I could rationalize it — as I had rationalized it — my work-life balance had gotten way out of whack, and the imbalance was hurting my very special relationship with my daughter,” he wrote. “I now alternate with my wife in waking up our daughter every morning, preparing her breakfast and driving her to school. I’m also around much more often to pick her up after school and take her to activities. She and I are doing a lot of wonderful talking and sharing. We’ve even planned a holiday together, just the two of us.”

Meanwhile, PIMCO’s massive $US221 billion Total Return Fund is currently in a 16-month streak of outflows. It’s pretty clear that Ivascyn and PIMCO’s current leadership have a lot of work ahead of him. Work with which El-Erian will have no involvement.

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