El-Erian Says Pimco’s Group CIO Ivascyn Is Inspiring Leader

Mohamed El-Erian, the former chief executive officer of Pacific Investment Management Co., said Daniel Ivascyn, who was appointed group chief investment officer of the $2 trillion bond firm after Bill Gross announced his departure, is a “brilliant investor” and “inspiring leader.”

El-Erian, who became chief economic adviser to Pimco parent Allianz SE after stepping down from the bond firm in January, commented today in an e-mailed statement.

“Dan is a brilliant investor, inspiring leader, superb manager and one of the most considerate and decent people I know,” El-Erian said in the statement.

Gross is leaving for Denver-based money manager Janus Capital Group Inc. to run a startup fund. Prior to Gross’s departure, several senior investment professionals including Ivascyn had expressed frustration with the longtime manager and threatened to quit, according to two people familiar with the matter.

Pimco named Mark Kiesel, Scott Mather and Mihir Worah to take over management of the $222 billion Pimco Total Return Fund, the world’s largest bond mutual fund, according to a statement yesterday from Newport Beach, California-based Pimco.

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