Pimco founder Bill Gross has moved to reassure clients of the strength of the US bond fund giant’s management following the unexpected departure of co-chief investment officer Mohammed El-Erian last month.
The group has appointed a number of deputy chief investment officers (CIOs) reporting to Mr Gross, who is chief executive and CIO.
These include former Schroders global equity manager Virginie Maisonneuve, who joined late last year to lead Pimco’s push into equity products, Dan Ivascyn and Mark Kiesel. Each deputy CIO is responsible for a separate “channel” of assets, Mr Gross said.
“The basic idea is that the deputy CIOs will apply the views of the investment committee and tailor them to their respective areas,” he added.
“On the committee itself, the deputy CIOs enhance the scope of inputs and perspectives, which brings more strategic focus to asset classes that previously have been less emphasised, while complementing our macroeconomic analysis.
“We believe this new format, and the idea-sharing it will facilitate, will be more responsive to market developments.”
Mr El-Erian quit Pimco last month but retains a position on the executive committee of Pimco’s parent company Allianz.