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European Debt Crisis

Who will Succeed Pimco's 'Bond King?'

When Pimco co-founder Bill Gross' heir apparent abruptly stepped down this week, the news illustrated just how reliant the company is on its star manager, an uncomfortable fact for investors who worry the 69-year-old has not done enough to find a replacement.With Mohamed El-Erian, 55, resigning his position as chief executive and co-chief investment officer at the $2 trillion asset manager, all power now appears to be flowing back to Gross, who co-founded Pimco in 1971 and runs the $237 billion Total Return Fund, a mainstay in many retirement portfolios.Gross, a yoga enthusiast who shaved his mustache a few years ago to look younger, greeted the departure by dividing up El-Erian's roles among a few more men, and by saying he is not yet planning for life after investing in bonds."Pimco's fully engaged. Batteries 110 percent charged," Gross said in a Twitter post from the firm's official "@PIMCO" account that still features a photo of Gross and El-Erian side by side."I'm ready to go for ...

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  1. Judge Orders MF Global Pay $1B to Customers

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