Pimco CEO El-Erian resigns

Mohamed El Erian Pic

Allianz late on Tuesday said Mohamed El-Erian, chief executive officer and co-chief investment officer at its asset management unit Pacific Investment Management Company (Pimco), has resigned, but would stay on the Allianz International Executive Committee.

El-Erian will leave Pimco in mid-March as part of a leadership overhaul, Allianz said. He will also advise the Board of Management of Allianz SE on global economic and policy issues, the German insurer said.

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The firm has named Douglas Hodge, managing director and currently chief operating officer of the firm, as its next chief executive. The firm also named managing directors Andrew Balls and Daniel Ivascyn as deputy chief investment officers, Allianz said.

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El-Erian, along with co-founder and co-chief investment officer Bill Gross, oversaw the Pimco Total Return Fund, the world's largest bond fund with $237 billion in assets. The fund is the flagship of the Newport Beach, Calif.-based firm.

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Pimco had $1.97 trillion in assets as of Sept. 30, according to the firm's website.

-By Reuters

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