PIMCO names Ivascyn as Gross successor

PIMCO's Dan Ivascyn has been named as Bill Gross' successor following the legendary bond investor's resignation, but three other managers will take over the $221bn Total Return Bond fund.

Ivascyn (pictured), head of the firm's mortgage credit portfolio management team, will become group CIO after Gross quit to join Janus Capital on Friday. He will not, however, manage Gross' flagship PIMCO Total Return fund. The portfolio will be run by Mark Kiesel, Scott Mather and Mihir Worah. The trio, along with Andrew Balls and ex-Schroders manager Virginie Maisonneuve, have all been promoted to CIO roles in support of Ivascyn, PIMCO said in a statement. Kiesel is now CIO of global credit, Mather CIO of global core strategies, and Worah CIO of real return and asset allocation. ...