Pacific Investment Management Co.’s chief executive officer and co-chief investment officer is stepping down from his role in March.
The California-based firm announced in a statement released Tuesday that Mohamed A. El-Erian will remain a member of the Allianz International Executive Committee and, as of mid-March, will advise Allianz’s board of management on global economic and policy issues.
Separately, PIMCO has appointed a new portfolio management and executive leadership team. Andrew Balls and Daniel Ivascyn have both joined the firm as deputy chief investment officer in the London and Newport Beach office, respectively.
On the business management leadership front, Douglas Hodge has been promoted to chief executive office from his current chief operating officer role while Jay Jacobs, who is currently the head of talent management at PIMCO, has been promoted to president. Lastly, Craig Dawson is now the head of strategic business management having previously served as the head of product management for Europe and the head of PIMCO Germany, Austria, Switzerland and Italy.
Founded in 1971, PIMCO has about $1.97 trillion in assets under management.