Mohamed El-Erian, who quit Pacific Investment Management Co. in January amid reports of clashes with Bill Gross, said he was surprised by the events surrounding the departure of the star bond manager last week.
'His departure - the fact that it happened and how it happened - was a surprise,' El-Erian, 56, said Friday in an interview with Betty Liu on Bloomberg Television. 'What was not a surprise was the bench and a strong team led by Dan Ivascyn. They are superb,' said the former chief executive officer and co-chief investment officer of Newport Beach, California-based Pimco.
Bloomberg News reports that Pimco last week named 45-year-old Ivascyn, a top-ranked money manager, as CIO as it seeks to revive performance and restore calm at a firm that has been rattled by management disputes. Gross left Pimco, which has almost $2 trillion in assets, for Janus Capital Group Inc. to run a new unconstrained bond fund with about $13 million in assets.
El-Erian on Sept. 27 praised Ivascyn as a 'brilliant investor' and an 'inspiring leader.' Ivascyn’s Pimco Income Fund has beaten 99 percent of competitors over the past three and five years.
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