Harvard's El-Erian Will Return to PIMCO

Endowment investment chief named co-CEO

Mohammed El-Erian, who left Pacific Investment Management Co. (PIMCO) to join Harvard University's endowment fund--Harvard Management Company--in October 2005, rebuilt the endowment's investing team in the wake of the departure of Jack Meyer, and grew the value of the endowment 23% to $34.9 billion in the year ended June 30, will return to PIMCO, the company announced Sept. 11.

Beginning in January 2008, El-Erian, 49 will become a PIMCO managing director; co-CEO, with Bill Thompson; and co-CIO, with PIMCO founder Bill Gross. El-Erian had been a managing director and portfolio manager in the seven years he spent with PIMCO. Before that, he had spent 15 years with the International Monetary Fund.

In the announcement of El-Erian's return, Thompson stressed that neither he nor Gross "have any plans to step down, and in fact, have just been elected by PIMCO's managing directors for five-year terms in our respective roles."

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