BILL GROSS TO EL-ERIAN: 'Hell No, You Can't Go'

Pimco bill grossYouTube/PIMCOPIMCO CIO Bill Gross.

Bill Gross, chief investment officer of PIMCO, told Bloomberg News in an interview that he was shocked and discouraged to hear that PIMCO CEO Mohamed El-Erian would be departing the firm in March.

PIMCO’s parent company, Allianz, made the announcement yesterday. El-Erian will stay on as an adviser to Allianz after he leaves PIMCO.

Bloomberg News correspondents Sree Vidya Bhaktavatsalam and Alexis Leondis write:

Gross said he was shocked and discouraged when El-Erian told him several weeks ago that he wanted to leave to “recharge the batteries,” write a second book and spend more time with his family. He, along with the firm’s executive committee, tried to persuade El-Erian to change his mind, Gross said. El-Erian’s “When Markets Collide: Investment Strategies for the Age of the Global Economy” came out in 2008.

“From our standpoint he was doing a great job,” Gross said in the phone interview. “The answer we gave him was basically, ‘Hell no, you can’t go.'”

Gross’s comments perhaps dispel one popular theory surrounding El-Erian’s departure — that the two didn’t see eye to eye.

However, a report by Financial Times correspondents Tom Braithwaite, Chris Newlands, and Alice Ross adds a bit more to the picture.

“A testy relationship with Mr. Gross, coupled with the extremely long days and demands of running the huge fund, convinced Mr. El-Erian it was time to step down, according to people familiar with the matter,” they write.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at

Tagged In