Pacific Investment Management Co.’s executive committee discussed firing co-founder Bill Gross after some of his deputies threatened to quit, according to two people familiar with the matter.
Bloomberg News reports that the committee met for the past week and had backing from parent company Allianz SE, said the people, who asked not to be identified because the information is private. Senior investment professionals including deputy investment chief Daniel Ivascyn had expressed frustration with Gross and threatened to quit, according to the people.
'While we are grateful for everything Bill contributed to building our firm and delivering value to Pimco’s clients, over the course of this year it became increasingly clear that the firm’s leadership and Bill have fundamental differences about how to take Pimco forward,' Douglas Hodge, Pimco’s chief executive officer, said in a statement on Friday.
The departure of Gross, a legend in bond investing, marks the end of an era for the firm he helped create in 1971.
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