Pimco chief El
Global investment management firm Pimco announced Tuesday that its chief executive, Mohamed A. El-Erian, will be leaving the firm in mid-March. Above, El-Erian in 2010. (Don Bartletti/Los Angeles Times / )
Mohamed El-Erian unexpectedly resigned from his post as chief executive and co-chief investment officer of global investment management firm Pimco on Tuesday, the firm said in a statement.
El-Erian will leave the firm in March and will remain a member of parent company Allianz's international executive committee. He will also serve as an advisor on global economic and policy issues.
William H. Gross will continue to serve as chief investment officer, the firm said in a statement.
'I have been extremely honored and fortunate to work alongside Bill Gross, who is one of the very best investors in the world,' El-Erian said in a statement. 'I have also been amazingly privileged to work with the most talented group of professionals in the investment management industry.'
El-Erian rejoined the Newport Beach-based firm in 2007 after serving for two years as president of Harvard Management Co. He joined the firm in 1999 as a member of its portfolio management and investment strategy group.
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Pimco is one of the largest global investment managers, with nearly $2 trillion in assets under management as of the end of September, according to its website.
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