Gross was one of the biggest personalities in the financial world and served as basically the sole public face of PIMCO, especially after the departure of Mohamed El-Erian earlier this year.
Now, Hodge and Ivascyn will fill that role as the firm, which has nearly $US2 trillion in assets under management, faces life without its founder.
Hodge told CNBC’s Brian Sullivan, “We had in place a succession plan that had been in process all during the course of this year. Bill Gross was going to leave eventually. We all knew that… We are moving forward.”
Ivascyn, who is taking Gross’ role as global CIO, said that investing with PIMCO won’t change now that Gross is gone. “Pimco has a pretty long-standing, highly-structured investment process,” Ivascyn said. “And even though Bill Gross is no longer with us, we plan to use that highly-structure process for us going forward.”
Ivcascyn also reiterated that the firm still sees a “new neutral” of low interest rates for an extended period of time.
On life at PIMCO after Gross, Hodge added that, “Bill has been an important contributor. He was the founder of this firm, he has made enormous contributions to PIMCO, but we are moving ahead.”
Sullivan also asked Hodge if Paul McCulley, the firm’s chief economist would be sticking around, and Hodge simply said that he looks forward to McCulley being a part of the firm going forward, but added that, “we all make our own decisions.”
It seems then that at PIMCO little has changed; or maybe everything has.