has added a familiar face as its first ever co-CEO and co-chief investment officer, but he's not replacing the current senior management team. On Tuesday the Newport Beach, California-based fixed income giant (currently $693 million assets under management and counting) revealed
that ex-managing director and senior portfolio manager Mohamed El-Erian
, who has spent the last two years leading Harvard University
endowment, is rejoining as co-CEO and co-CIO, alongside founder and CIO Bill Gross
and CEO Bill Thompson
. And Thompson said that he and Gross are not heading out anytime soon.
"Neither Bill Gross nor I at this time have any plans to step down, and in fact, have just been elected by PIMCO's managing directors for 5-year terms in our respective roles," Thompson stated. "The demands and complexities of our current positions suggest that the addition of a unique talent such as Mohamed's will enhance both of our contributions going forward."
El-Erian, now 49, worked with the International Monetary Fund for 15 years before spending seven with PIMCO (and now two with Harvard). He will officially take his new position in January.
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