NEWPORT BEACH, CA--(Marketwire - September 11, 2007) - PIMCO, one of the world's leading investment management companies, announced today that Mohamed El-Erian, its former Managing Director and Senior Portfolio Manager, will return to the firm in January 2008 in a newly created position as Managing Director and Co-CEO and Co-CIO. In his new position, El-Erian will join CEO Bill Thompson and Chief Investment Officer and company founder Bill Gross, as a member of PIMCO's senior management team.
El-Erian will return to PIMCO from the Harvard Management Company (HMC), where since being hired in October 2005, he distinguished himself as President and CEO of the world's largest university endowment. During his tenure at the HMC, El-Erian rebuilt the professional investment management staff and contributed to outstanding investment results for Harvard. Before joining HMC, El-Erian had worked at PIMCO for 7 years where he was a highly regarded senior member of the Portfolio Management team. Prior to PIMCO, he had spent 15 years with the International Monetary Fund (IMF).
"Mohamed's return to PIMCO creates a powerful and experienced leadership triangle at the most senior level of our firm," Thompson said. "We welcome him home as a proven leader, an exceptional investor and one of the most respected names in the investment world." Thompson added: "Neither Bill Gross nor I at this time have any plans to step down, and in fact, have just been elected by PIMCO's Managing Directors for 5-year terms in our respective roles. The demands and complexities of our current positions suggest that the addition of a unique talent such as Mohamed's will enhance both of our contributions going forward."
Gross said Mohamed's return would "strengthen an already deep management team, and help position the company for the future. I am ecstatic to have him join Bill Thompson and me in a top leadership role and help shape our vision for PIMCO's direction in the coming years."
El-Erian, 49, said he was excited about rejoining PIMCO after "a stimulating time at HMC where I had the privilege of working with wonderful people. With much of our family living on the West Coast, it was important for us to be closer to them." He added: "In returning to PIMCO, I look forward to working with a highly talented and skilled group of world-class professionals that are simply the best at what they do, and in helping lead this great company into the future."
In his new role, El-Erian is expected to contribute to the firm's investment strategy and portfolio management process across PIMCO's product lines. In addition, he will help drive's the firm's future business strategy, extend the range of products and services and enhance the firm's relationships with institutions globally.
About PIMCO
With more than $693 billion assets under management, PIMCO is one of the world's leading fund-management companies. Founded in 1971 and based in Newport Beach, California, the company is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a leading global insurance company with nearly $1.5 trillion in assets and represented in 70 countries around the globe.
Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Contact Information: CONTACT Mark Porterfield PIMCO - Media Relations 949-720-NEWS (6397)