El-Erian Said to Expand Role at Slumping Multi-Asset Fund
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Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., is expanding his oversight of the firm’s Global Multi-Asset Fund, which has underperformed since it was started five years ago.
El-Erian, who is Pimco’s co-chief investment officer along with Bill Gross, will select investments for the $3 billion fund effective at the end of this month, along with his current role providing strategic guidance, said a person with knowledge of the change who asked not to be identified because the information is private. Saumil Parikh will no longer be co-manager of the fund, according to a filing yesterday by the Newport Beach, California-based firm.