Mohamed el-erianREUTERS/Jason ReedMohamed El-Erian, CEO of PIMCO

Mohamed El-Erian has resigned as CEO of PIMCO, the world’s second largest mutual fund, but is staying on to advise parent company Allianz.

El-Erian, 55, has been with PIMCO most of the past 15 years.

He will now directly report to Michael Diekmann, CEO of Allianz.

Douglas Hodge, currently COO, will step up as CEO. Jay Jacobs was also named president.

Bill Gross is staying on as Chief Investment Officer.

El-Erian will officially step down in mid-March.

Full release »

Leadership changes at PIMCO
New responsibilities for Mohamed El-Erian within Allianz Group

Pacific Investment Management Company LLC (PIMCO), US-based Asset Management

subsidiary of Allianz, has reorganized its leadership structure.

Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer of PIMCO,

today 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. Mohamed

El-Erian will directly report to Michael Diekmann, CEO of Allianz SE.

William H. Gross, founder of PIMCO, will remain Chief Investment Officer. Portfolio

management will be strengthened by the appointment of the Managing Directors Andrew

Balls and Daniel Ivascyn as Deputy Chief Investment Officers.

In today’s meeting, effective as of the above-mentioned date, PIMCO’s Managing Directors

also elected Douglas Hodge, Managing Director and currently Chief Operating Officer of

PIMCO, as Chief Executive Officer and Jay Jacobs, Managing Director and currently Global

Head of Talent Management, as President. Craig Dawson, Managing Director and currently

Head of PIMCO Germany, Austria, Switzerland and Italy, will assume the position as Head of

Strategic Business Management.

ʺOver the past years, PIMCO has achieved an outstanding performance in Asset

Management. It speaks for the strength and diversity of PIMCO that all positions can be filled

by internal candidates. With this continuity we are well prepared for the future,ʺ said Jay

Ralph, Member of the Board of Management of Allianz SE.

ʺWe are pleased that we will continue to profit from the expertise of Mohamed El-Erian, from

his large global network and excellent knowledge of the macroeconomic conditions,ʺ said

Michael Diekmann.

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