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
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

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income