$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.
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.
Neil Anderson, Managing Editor
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