Pacific Investment Management Co., a Newport Beach, Calif., unit of Allianz SE, announced that Mohamed El-Erian, its former managing director and senior portfolio manager, will return in January in a newly created position as managing director and co-chief executive officer and co-chief investment officer.
He will join Bill Thompson, Pimco's CEO, and Bill Gross, its founder and CIO, as a member of the senior management team, the unit said Tuesday.
Mr. El-Erian, 49, was the president and CEO of Harvard Management Co. for two years. Earlier he worked at Pimco for seven years.
He is expected to contribute to the unit's investment strategy and portfolio management process across product lines. He will also help develop Pimco's business strategy, extend its products and services, and enhance relationships with institutions globally, the unit said.
Pimco had $693 billion of assets under management as of June 30. Its immediate parent, Allianz Global Investors, has $1.5 trillion of assets and representatives in 70 countries.
