Mohamed El-Erian Announces Exit From PIMCO

Mohamed El-Erian, chief executive officer and co-chief investment officer of Pacific Investment Management Company (PIMCO), surprised the investment world when he announced his resignation today from the global asset management firm with nearly $2 trillion under management. Mohamed El-Erian will leave PIMCO in mid-March as part of a “leadership overhaul,” Allianz SE (ADR) (OTCMKTS:AZSEY) (FRA:ALV) ( ETR: ALV), PIMCO’s parent company, said in a statement.  Douglas Hodge, the managing director and chief operating officer, has been named the new CEO.  El-Erian will stay on to advise Frankfort-based Allianz by sitting on its International Executive Committee and Gross will remain chief investment…