July 16 (Bloomberg) -- Pacific Investment Management Co. named Eric Mogelof to head its business in the Asia-Pacific region as the company reshapes its leadership following the departure of former Chief Executive Officer Mohamed El-Erian.
Pimco, which has faced fund outflows, shook up its senior ranks following the surprise resignation in January of El-Erian, who had been seen as the heir apparent to co-founder and investment chief Bill Gross. In addition to naming Douglas Hodge as replacement CEO, the firm appointed six new deputy investment chiefs.
Mogelof, who was head of the fund manager’s institutional business in the Americas and global head of Pimco Advisory, will oversee offices including Hong Kong, Tokyo, Singapore and Sydney, according to an e-mailed statement from the company. He will report to Hodge and relocate to Hong Kong next month.
“Eric’s appointment underscores Pimco’s commitment to the Asia Pacific region,” Hodge said in the statement. “He will play a key leadership role in the next phase of these ongoing efforts.”
Mogelof is a member of Pimco’s executive committee, having joined the firm in 2003, according to the company. He previously worked with Salomon Brothers and private-equity firm Jupiter Brothers.
El-Erian left amid reports of clashes with Gross, 70, who has been battling criticism of his autocratic leadership style. The firm, which had surged to $2.04 trillion in assets in March 2013 from about $400 billion a decade earlier, has shrunk to about $1.97 trillion. Assets under management have climbed $53.2 billion since Dec. 31, according to a July 11 statement from the company, which is a unit of the Munich-based insurer Allianz SE.
Gross’s Total Return Fund, the world’s largest bond fund, has declined to $225 billion from a peak of $293 billion in March 2013, as investors pulled money for 14 straight months, Chicago-based research company Morningstar Inc. said July 2.