Things Are Getting Ugly Between Bill Gross and Departing PIMCO CEO

PIMCO disputes quotes from Bill Gross in a Reuters report

   

Things Are Getting Ugly Between Bill Gross and Departing PIMCO CEO

PIMCO Things Are Getting Ugly Between Bill Gross and Departing PIMCO CEOA feud between Pacific Investment Management Co. (PIMCO) executives is being aired in the press.

According to Reuters, in a recent interview, PIMCO founder and co-chief investment officer Bill Gross claimed that he has evidence that CEP Mohamed El-Erian “wrote” an article run by the Wall Street Journal last month alleging tension between the two executives last year. Bill Gross said he was “sick” of El-Erian’s efforts to “undermine” him.

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Reuters also says that Bill Gross admitted monitoring phone calls made by El-Erian. When Reuters requested a look at the evidence of El-Erian’s involvement in the Journal article, Gross is quoted accusing the news outlet of being on El-Erian’s side.

El-Erian will depart PIMCO later this month.

In a statement, PIMCO disputed Reuters account of the interview with Bill Gross, suggesting that the PIMCO co-founder had not accused El-Erian of writing the Journal article and had never indicated that he’d listened to El-Erian’s phone calls, though PIMCO did note that it maintains “records of its employees’ communications” for compliance reasons.

A spokesperson for Wall Street Journal publisher Dow Jones said that allegations that El-Erian had written the article in question were “astonishingly incorrect.”

PIMCO, which is owned by Germany’s Allianz SE, manages $1.91 trillion in assets. A legend on Wall Street, Bill Gross is often referred to as the “Bond King.”


Article printed from InvestorPlace Media, http://investorplace.com/2014/03/things-getting-ugly-bill-gross-departing-pimco-ceo/.

©2014 InvestorPlace Media, LLC

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