Pimco Chief accuses outgoing CEO of trying to undermine him

Bill Gross Interview Pic

Bill Gross, the co-founder and co-CIO of Pacific Investment Management Co, has accused departing CEO Mohamed El-Erian of seeking to 'undermine' him by talking to The Wall Street Journal about deepening tensions between the two executives who have been jointly running the world's largest bond house.

Reuters reports that Gross told Reuters that he had 'evidence' that El-Erian 'wrote' a February 24th article in the Journal, which described the worsening relationship between the two men as Pimco's performance deteriorated last year, including a showdown in which they squared off against each other in front of more than a dozen colleagues at the firm's Newport Beach, California headquarters.

Gross, who oversaw more than $1.91tril in assets as of the end of last year and who is known on Wall Street as the 'Bond King', said in a phone call to Reuters last Friday: 'I'm so sick of Mohamed trying to undermine me'.

When asked if Reuters could see the evidence about El-Erian and the allegation he was involved in the article, Gross said: 'You're on his side. Great, he's got you, too, wrapped around his charming right finger'.

To access the complete Reuters article hit the link below:

Pimco's Gross declares El-Erian is 'trying to undermine me'

UBS taps bankers from Credit Suisse, Goldman Sachs

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts