El-Erian's Next Act and Pimco's Future

Mohamed El-Erian has just resigned as co-head of Pimco, the world's largest bond mutual fund. What will he do next?

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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