For more than five years, Mr. El-Erian’s deliberate manner and Mr. Gross’s freewheeling style were a formidable combination atop Pacific Investment Management Co. But last year, the differences became an unbridgeable chasm to Mr. El-Erian, who worried that rising tensions with Mr. Gross could keep him from effectively running the giant bond firm.
“We always had different styles, which made us very good complements in serving our clients and leading the firm forward through both smooth and rough markets,” Mr. El-Erian said in an interview earlier this past week. “That worked very well for a long time, until last year.” The desire for a better work-life balance also played a role in Mr. El-Erian’s decision, he said.
Marketwatch reports that Mr. El-Erian’s departure from Pimco, which manages almost $2tril, stunned investors and even Mr. Gross. Mr. Gross has said repeatedly that he wanted Mr. El-Erian to stay and didn’t fully understand why he left. During a Bloomberg-TV interview Thursday, Mr. Gross reiterated that he was puzzled over his heir apparent’s resignation, and he urged Mr. El-Erian to speak out.
“Come on, Mohamed, tell us why,” Mr. Gross said in the interview.
A spokesman for Pimco didn’t respond to requests for comment.
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