Pimco chief executive and co-chief investment officer Mohamed El-Erian is to leave after 15 years with the Californian bond giant.
El-Erian will relinquish his fund manager responsibilities and step back from his position as co-chief investment officer before fully departing in March.
He is set to take on an advisory role at Allianz where he will advise the board of management on global economic and policy issues.
Douglas Hodge, the firm’s current chief operating officer, will replace him as chief executive officer.
Pimco said Bill Gross, El-Erian’s co-CIO, will remain in his role and will be supported by bond manager Andrew Balls and income specialist Dan Ivascyn, who have been named as deputy co-chief investment officers.
Also, Jay Jacobs will move from heading up Pimco’s German business to serve as president and Craig Dawson is named head of strategic business management, having previously been head of Pimco Germany, Austria, Switzerland and Italy.
Commenting on the changes, Bill Gross said: ‘Mohamed has been a great leader, business builder and thought leader for Pimco and our clients.’
‘Together we have guided the firm and served out clients during a period of significant change in the global economy and financial markets. We are pleased he will remain as part of the Allianz Group.’