Bill Gross' abrupt departure from Pimco, the giant bond firm that he co-founded more than four decades ago, was preceded by months of clashes between the star investor and the firm's executive committee that got progressively worse, according to sources familiar with the situation.
Mohamed El-Erian
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Douglas Hodge, the Chief Executive Officer of Pimco, told German newspaper that the abrupt decision of Mohamed El-Erian to leave the firm surprised everyone, Reuters reported.
A Reuters report quoted Pimco Co-Founder and Co-Chief Investment Officer Bill Gross as saying "I'm so sick of Mohamed trying to undermine me" but a Pimco spokesman denied Gross made the statement, Reuters reported.
The Pimco Total Return Fund lagged behind 71% of its peers in February after rebounding from an annual loss of 1.92% last year, Reuters reported.
Pimco's Chief Executive and Co-Chief Investment Officer and long viewed as heir to Co-Founder Bill Gross, Mohamed El-Erian will be leaving the world's largest bond fund manager in mid-March, Reuters reported.
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