Pimco likely to pick Dan Ivascyn to succeed Gross

Deputy chief investment officer has inside track to succeed 'Bond King' as CIO
JUN 16, 2014
By  Bloomberg
Pacific Investment Management Co. is likely to name Daniel Ivascyn chief investment officer of the $1.97 trillion bond firm after Bill Gross left to join Janus Capital Group Inc. (JNS), according to a person familiar with the matter. Pimco's board was considering Ivascyn as CIO as of last night, said the person, who asked not to be identified because the news isn't yet public. Dan Tarman, a spokesman for Newport Beach, Calif.-based Pimco, didn't immediately respond to an e-mail seeking comment. Mr. Ivascyn, who runs the $38 billion Pimco Income Fund, has beaten 99% of his peers over the past three- and five-year periods, according to data compiled by Bloomberg. In January, Morningstar Inc. named Mr. Ivascyn and the co-manager of the fund, Alfred T. Murata, fixed-income managers of 2013. Pimco in January named Mr. Ivascyn one of its six deputy CIOs, reporting to Mr. Gross, in a management reorganization following the departure of former chief executive Mohamed El-Erian. An expert in mortgage-backed securities, Mr. Ivascyn burnished his reputation after the 2008 financial crisis amid a recovery in the housing market. Before joining Pimco in 1998, Mr. Ivascyn worked in the asset-backed securities group at Bear Stearns Cos., as well as at T. Rowe Price Group Inc. and Fidelity Investments. He has a bachelor's degree from Occidental College in Los Angeles and a master's of business administration degree from the University of Chicago.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave