Pimco Picks Ivascyn as Investment Chief as Gross Departs

Pacific Investment Management Co. named Daniel Ivascyn group chief investment officer of the $1.97 trillion bond firm after Bill Gross left to join Janus Capital Group Inc.

Mark Kiesel, Scott Mather and Mihir Worah will take over management of the $221 billion Pimco Total Return Fund, the world’s largest bond mutual fund, according to statement today from Newport Beach, California-based Pimco.

Pimco in January named Ivascyn as one of its six deputy chief investment officers, reporting to Gross, in a management reorganization following the departure of former Chief Executive Officer Mohamed El-Erian. Ivascyn, who runs the $38 billion Pimco Income Fund, has beaten 99 percent of his peers over the past three and five years, according to data compiled by Bloomberg. Morningstar Inc. in January named Ivascyn and the co-manager of the fund, Alfred T. Murata, fixed income managers of the year for 2013.

“He is a very solid guy and an astute investor,” Michael Rosen, chief investment officer at Angeles Investment Advisors in Santa Monica, California, said about Ivascyn in a telephone interview today. “He has demonstrated he can perform well in all periods,” said Rosen, who oversees $45 billion for endowments and pensions and has client money in Pimco Income.

Before it's here, it's on the Bloomberg Terminal.