PIMCO has announced that Chief Executive Officer and Co-Chief Investment Officer Mohamed A. El-Erian has decided to step down from his role and leave the firm in mid-March.
He will remain a member of the Allianz International Executive Committee and, as of mid-March, also advise the Board of Management of Allianz on global economic and policy issues. PIMCO’s founder William H. Gross will continue to serve as the firm’s Chief Investment Officer. At the same time, the firm has appointed a new portfolio management and executive leadership team. They will immediately begin to transition into their new roles.
Portfolio Management leadership appointments:
Andrew Balls, Deputy Chief Investment Officer: Mr. Balls is a Managing Director in the London office, a member of the Investment Committee and Head of European Portfolio Management. He joined PIMCO in 2006.
Daniel Ivascyn, Deputy Chief Investment Officer: Mr. Ivascyn is a Managing Director in the Newport Beach office, Head of Mortgage Credit Portfolio Management, and a lead portfolio manager for PIMCO’s alternatives investment strategies. Morningstar named him 2013 Fixed-Income Fund Manager of the Year (US). He joined PIMCO in 1998.
Business Management leadership appointments:
Douglas Hodge, Chief Executive Officer: Mr. Hodge is a Managing Director in the Newport Beach office and is currently PIMCO’s Chief Operating Officer. Previously he led the firm’s Asia Pacific region from the Tokyo office. He joined PIMCO in 1989
Jay Jacobs, President: Mr. Jacobs is a Managing Director in the Newport Beach office and is currently the Head of Talent Management globally. Previously, he was the Head of PIMCO’s German business, based in Munich. He joined PIMCO in 1998.
Craig Dawson, Head of Strategic Business Management: Mr. Dawson is a Managing Director and is currently Head of PIMCO Germany, Austria, Switzerland and Italy, based in the Munich office. He is also Head of Product Management for Europe. In his new role, he will relocate to the Newport Beach office. He joined PIMCO in 1999.
Said Gross: 'Mohamed has been a great leader, business builder and thought leader for PIMCO and our clients. Together we have guided the firm and served our clients during a period of significant change in the global economy and financial markets. We are pleased that he will remain a part of the Allianz Group'.
Gross added: 'PIMCO‘s focus remains on delivering value to our clients through superior investment performance and client service. The firm’s new leadership team embodies PIMCO’s culture and values, and it reflects the strength and depth of our talent in both portfolio management and business management. With this team to lead us forward, PIMCO is in great hands'.
Said Dr. El-Erian: 'I have been extremely honored and fortunate to work alongside Bill Gross, who is one of the very best investors in the world. His talents are truly exceptional, as is his dedication. I have also been amazingly privileged to work with the most talented group of professionals in the investment management industry. Their commitment and tireless work on behalf of our clients have been a consistent inspiration for me since I first joined PIMCO back in 1999. I wish them continued great success'.
Said Hodge: 'PIMCO has become one of the leading investment management firms in the world through a relentless focus on performance, innovation, and delivering value to our clients, and that will not change. The firm has made important progress over the past several years to become ‘Your Global Investment Authority’ by expanding the scope of our investment platform and business, and we will continue to execute on this vision'.
Professional biographies (in alphabetical order):
Balls is a Managing Director in the London office, a member of the Investment Committee and head of European portfolio management. He leads PIMCO's European investment team (which is based in London and Munich) and manages a range of global and European portfolios, including PIMCO’s Global Advantage strategy, combining developed and emerging fixed income markets. He is also a member of the PM Management Group, overseeing PIMCO’s global interest rate and foreign exchange teams.
Balls was previously a Portfolio Manager in Newport Beach and the firm's global strategist. Prior to joining PIMCO in 2006, he spent eight years at the Financial Times as an economics correspondent and columnist in London, New York and Washington, DC. He has 15 years of investment experience and holds a bachelor's degree from Oxford and a master's degree from Harvard University. He was a lecturer in economics at Keble College, Oxford.
Craig Dawson, CFA
Dawson is a Managing Director and Head of Strategic Business Management. He is currently based in the Munich office and is also responsible for PIMCO's business in Germany, Austria, Switzerland and Italy. He is also Head of Product Management for Europe. Prior to joining PIMCO in 1999, Dawson was with Wilshire Associates, an investment consulting firm. He has 19 years of investment experience and holds an MBA from the University of Chicago Graduate School of Business. He received his undergraduate degree from the University of California, San Diego.
Douglas Hodge, CFA
Hodge is a Managing Director in the Newport Beach office and PIMCO's Chief Executive Officer-elect. He is currently PIMCO’s Chief Operating Officer. He also serves on PIMCO's executive committee and on the global executive committee for Allianz Asset Management, the governing body of asset management for the Allianz Group. Earlier, Hodge led the Asia Pacific region from the firm's Tokyo office from 2002-2009. He joined PIMCO in 1989 and has previously served the firm as a senior account manager responsible for client relationships worldwide and as a global product manager.
Hodge currently serves on the board of the Securities Industry and Financial Markets Association. He has 28 years of investment experience and holds an MBA from Harvard Business School. He received an undergraduate degree from Dartmouth College.
Jay Jacobs, CFA
Jacobs is a Managing Director in the Newport Beach office and PIMCO’s President-elect. He is currently the Head of Talent Management globally. Previously, he was the head of PIMCO's German business and a member of the company's European management team for five years, based in Munich. He joined the firm in 1998, working initially in the management group in Newport Beach. Prior to joining PIMCO, Jacobs was a vice president at Commercial Trust Company. He has 19 years of investment experience and holds an MBA from Georgetown University. He received his undergraduate degree from Washington University, St. Louis.
Ivascyn is a Managing Director in the Newport Beach office. He is the Head of the Mortgage Credit Portfolio Management team and a lead portfolio manager for PIMCO's credit hedge fund and mortgage opportunistic strategies. Ivascyn is a member of PIMCO's Executive Committee and has also periodically served as a member of the Investment Committee. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and Fidelity Investments. He has 22 years of investment experience and holds an MBA in analytic finance from the University of Chicago Graduate School of Business and a bachelor's degree in economics from Occidental College.