Pimco, the world's largest bond fund manager, said on Wednesday the firm had appointed four additional deputy chief investment officers ahead of CEO Mohamed El-Erian's departure.
Mark Kiesel, Virginie Maisonneuve, Scott Mather and Mihir Worah, currently managing directors at Pacific Investment Management Co., will join Dan Ivascyn and Andrew Balls as deputy chief investment officers.
Continue Reading Below
"Our six deputy CIOs demonstrate the strength, depth and breadth of investment talent at Pimco," Bill Gross, co-founder of Pimco, said in a statement. "Individually and as a team they have delivered for clients consistently, and they will now help lead Pimco's investing excellence into the future."
El-Erian, who had been widely seen as the heir apparent to Gross, will leave the firm in mid-March. Gross, who shared the title of co-chief investment officer, will become the sole CIO. El-Erian will remain a consultant at Allianz, the German insurer that owns Pimco.
Pimco also said that managing directors Charles Lahr and Marc Seidner will leave, while Sudi Mariappa will re-join as a managing director and generalist portfolio manager.
Mariappa will return to Pimco from GLG where he has served since 2012 co-managing that firm's absolute return fixed income offering. He was previously at Pimco from 2000-2011 as a managing director, portfolio manager and senior advisor.
Gross said: "We are absolutely thrilled that Sudi Mariappa is returning home to Pimco. He is a great investor and will be able to deliver immediate value to our clients upon his return."
Pacific Investment Management Co. had $1.92 trillion in assets as of Dec. 31, according to the firm's website.