DOUGLAS Hodge, chief operating officer of bond fund manager, will step into the chief executive role when Mohamed El-Erian leaves the firm in mid-March.
In a surprise announcement on Tuesday night, Pimco said El-Erian – heir apparent to Pimco co-founder Bill Gross – would step down as chief executive and co-chief investment officer.
Hodge, a managing director in the firm’s Newport Beach office, joined Pimco in 1989 and led the led the Asia Pacific region from the firm’s Tokyo office from 2002-2009.
After graduating from Dartmouth College, a Ivy League University in New Hampshire, he got an MBA from Harvard Business School.
He is also a board member of the Securities Industry and Financial Markets Association (Sifma) – the trade body for members of the US’s securities industry.
Andrew Balls and Daniel Ivascyn, will be deputy chief investment officers, positioning them for a possible promotion to the CIO spot when Gross retires.
City A.M. Reporter