PIMCO's chief executive El-Erian to step down in March

Mohammed El-Erian, chief executive of PIMCO and the man perceived by many as Bill Gross' heir apparent at the largest bond manager in the world, has resigned from his role.

El-Erian, who is chief executive and co-chief investment officer of the firm where he works alongside Gross, will step down from his role in March. A statement from PIMCO's parent company, Allianz, said he "has resigned from his functions effective mid-March and will leave PIMCO at the same time." El-Erian will remain on the international executive committee of Allianz and will advise the board of Allianz SE on global, economic and policy issues. No reason has been provided in the statement for his departure. El-Erian is almost as recognisable to investors as colleague Gross, the m...