Pimco’s chief executive and co-chief investment officer Mohamed El-Erian is to resign from his role in March this year.
However, Erian will remain as a member of parent company Allianz’s international executive committee and will advise the Allianz board of management on global economic and policy issues.
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Erian will be replaced by Douglas Hodge as new chief operating officer with other managing directors Andrew Balls and Daniel Ivascyn acting as deputy CIO’s, while William H. Gross will continue to serve as chief investment officer.
Additionally, Jay Jacobs, a managing director in Newport Beach, has been named president and Craig Dawson has been named head of strategic business management.
El-Erian, who first joined PIMCO in 1999 as a member of its portfolio management and investment strategy group, has rejoined the firm in 2007 after working for two years at Harvard Management Company.
Michael Diekmann, CEO of Allianz, said: "We are pleased that we will continue to profit from the expertise of Mohamed El-Erian, from his large global network and excellent knowledge of the macroeconomic conditions."
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