El-Erian's Next Act and Pimco's Future
Until the back story comes out, there's going to be plenty of speculation about why Mohamed El-Erian plans to resign as chief executive officer and co-chief investment officer of the Pacific Investment Management Company. Pimco had a lousy year and his bonus was too small; he's bored and wants to do something else; a personality clash; the inevitable desire to spend more time with his family. (I won't pretend to know the reason, though it's worth noting that one beneficiary is Andrew Balls, a former Financial Times journalist and the younger brother of Labour politician Ed Balls; he will become Pimco's deputy chief investment officer, up from managing director in London.)
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