Moments after the novelty news that Neil “Chump” Kashkhari will run for California governor (as a Democrat), the real PIMCO news hit: Mohamed ‘New Normal’ El-Erian is no longer a the ecompany.
From the press release:
Pacific Investment Management Company LLC (PIMCO), US-based Asset Management subsidiary of Allianz, has reorganized its leadership structure. Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer of PIMCO, today has resigned from his functions effective mid-March and will leave PIMCO at the same time. He will stay on the International Executive Committee of Allianz and will advise the Board of Management of Allianz SE on global economic and policy issues.
Mohamed El-Erian will directly report to Michael Diekmann, CEO of Allianz SE.
William H. Gross, founder of PIMCO, will remain Chief Investment Officer.
Portfolio management will be strengthened by the appointment of the Managing Directors Andrew Balls and Daniel Ivascyn as Deputy Chief Investment Officers.
In today’s meeting, effective as of the above-mentioned date, PIMCO’s Managing Directors also elected Douglas Hodge, Managing Director and currently Chief Operating Officer of PIMCO, as Chief Executive Officer and Jay Jacobs, Managing Director and currently Global Head of Talent Management, as President. Craig Dawson, Managing Director and currently Head of PIMCO Germany, Austria, Switzerland and Italy, will assume the position as Head of Strategic Business Management.
Is this an indication that the bond pessimism has topped out, or does it simply mean that it is now time to move on from the New Normal to the New New Normal
via Zero Hedge http://ift.tt/1eoDKGR Tyler Durden