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Friday, September 26, 2014

"PIMCO Has Activated Its Succession Plan"

Reported by Neil Anderson, Managing Editor

Bill Gross is leaving Pimco and joining Janus, and we have to wait a little longer for word on who will take his place as CIO at Pimco.

Munich, Germany-based Allianz, Pimco's parent, issued the following brief statement:

Allianz SE received confirmation that William H. Gross, Chief Investment Officer of PIMCO, a subsidiary of Allianz, has resigned today with immediate effect. PIMCO has activated its succession plan and will announce a successor within the next several hours.

Pimco followed up with its own statement, confirming that Douglas Hodge and Jay Jacobs will continue to serve as CEO and president, respectively. Hodge offered his own words about Gross' departure and Pimco's next steps:

While we are grateful for everything Bill contributed to building our firm and delivering value to PIMCO’s clients, over the course of this year it became increasingly clear that the firm’s leadership and Bill have fundamental differences about how to take PIMCO forward.

As part of our responsibilities to our clients, employees and parent, PIMCO has been developing a succession plan for some time to ensure that the firm is well prepared to manage a seamless leadership transition in its Portfolio Management team. Earlier this year, the firm established a new portfolio management leadership structure that reflects our long-held belief that the best approach for PIMCO’s clients and our firm is to evolve our investment leadership structure to a team of seasoned, highly skilled investors overseeing all areas of PIMCO’s investment activities.”

Allianz Group CEO Michael Diekmann also chimed in, "recognizing Bill Gross for his work over the 43 years since PIMCO's founding" while also expressing "complete confidence in PIMCO's investment and executive leadership team." 

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