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.”