Pacific Investment Management Co., the world's biggest bond manager, named four deputy chief investment officers in an overhaul of its leadership team after Mohamed El-Erian's decision last week to step down as chief executive officer.
Mark Kiesel, global head of the corporate bond management group; Virginie Maisonneuve, global head of equities; Scott Mather, head of global fund management; and Mihir Worah, head of the real return group will join Dan Ivascyn and Andrew Balls as deputy CIOs, Newport Beach, Calif.-based Pimco said in a statement today.
Pimco has reorganized its senior leadership to emphasize the depth of its investment talent after the resignation of El-Erian, who shared the role of co-chief investment officer with co-founder Bill Gross. El-Erian was widely viewed as Gross's heir apparent and had led Pimco push to diversify beyond bonds into equities and non-traditional fixed income.
"Going forward there will be more focus on strategy and markets rather than policy, and these are the people on the front lines of strategy and alpha,"Gross said in a telephone interview today. "You can't just do what you want, but you will be able to react to markets a little quicker rather than wait for the investment committee to meet at noon," Gross said, referring to the group that sets investing guidelines for funds.
