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Rating:Choice of Heir at Pimco Causes Stir Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, July 30, 2012

Choice of Heir at Pimco Causes Stir

News summary by MFWire's editors

The New York Times gave Bill Gross' right-hand man the full profile treatment this weekend.

Pimco's [profile] Mohamed El-Erian and Gross — who the article specifically notes made $200 million last year — sat down for a joint interview with reporter Geraldine Fabrikant.

Gross said that he used to sneak away in the afternoon to hit the links, but El-Erain's presence has refocused him on his investments.

“To some extent, I wish that I could go over and hit golf balls like I used to at 3:30, but I have not hit balls in three and a half years,” Gross said to the Times. “Mohamed did not tell me not to hit balls, but his behavior basically said that this is a different company moving at a faster pace.”

Gross said in the interview that El-Erian is the "heir apparent" at Pimco. Fabrikant, though, talked to some who were not enthused by this. One investor even told the paper anonymously that once Gross is gone, he'll move his funds away from Pimco. Some of this pessimism stems from the fact that El-Erain is not a natural bond trader. 

Edited by: Ben Geier


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