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Friday, November 14, 2014

The Quarter-Billion-Dollar Man

News summary by MFWire's editors

$290 million, and $230 million. That's how big the 2013 bonuses were for Bill Gross and Mohamed El-Erian, respectively, in their final year together at Pimco.

Mary Childs of Bloomberg reports that, according to Pimco documents, the Newport Beach, California-based mutual fund giant paid those bonuses last year, even as Gross' Total Return Fund performance lagged last year.

Pimco spokesman Dan Tarman told Bloomberg that the figures "are not correct," though Tarman reportedly declined to go into details. He added that Pimco's managing directors currently receive 30 percent of the profits of Pimco.

Bloomberg also puts Gross' bonus into the context of other Pimco executives' 2013 bonuses. Dan Ivascyn, now Gross' successor as chief investment officer, received a $70 million. Product management chief Wendy Cupps received $50 million. Doug Hodge (who subsequently succeeded El-Erian as CEO, before Gross departed) received $45 million. And president Jay Jacobs received $22 million. 

Edited by: Neil Anderson, Managing Editor


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