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Mohamed A. El-Erian, president and chief executive officer of Harvard Management Company (HMC), will leave at the end of 2007 to take a job at his former employer, California-based Pacific Investment Management Company (PIMCO...
Before taking the reins of HMC, El-Erian had been a managing director at PIMCO, where he was widely expected to succeed William S. Thompson, Jr. as CEO. His position upon his return will be co-Chief Executive Officer and co-Chief Information Officer, seemingly solidifying his status as heir-apparent. In a statement released yesterday, both Thompson and PIMCO CIO William H. Gross said they have no plans to step down. [SEE CORRECTION BELOW...
...when it comes to correcting the system when it gets out of whack, we're talking years, not weeks. "Real estate," says housing economist Thomas Lawler, "is a slow, tedious process." In July, after the two Bear Stearns hedge funds first ran into trouble, bond guru Bill Gross of Pimco wrote a foreboding investment outlook, pointing out that hedge funds tied up in trading are the top layer of the problem, not the root. That can be demonstrated in the Mile High City and, as Gross wrote, "in the Summerlin suburbs of Las Vegas, Nevada, and in the extended city...
...problematic for the world’s ‘stable disequilibrium.’ He also said that the US housing market poses a significant risk. El-Erian, who holds a doctorate in economics from Oxford University, joined HMC in mid-February from Pacific Investment Management Company (PIMCO) after having served as a senior official at the International Monetary Fund and as head of emerging market research at Salomon Smith Barney/Citibank. El-Erian said that many people had trouble understanding his decision to leave PIMCO, where he was chief of the $28 billion emerging markets portfolio...
...resume that boasts a 15-year stint at the International Monetary Fund (IMF) as well as a shorter one at the brokerage of Salomon Smith Barney. Prior to accepting the HMC position, El-Erian was managing a $28 billion emerging market portfolio at the Pacific Investment Managing Company (PIMCO), an endowment slightly larger than Harvard’s $25.9 billion war chest. All of this makes El-Erian supremely qualified. Considering that financial managers can find similar jobs for higher pay and less visibility, the search committee must be congratulated for their excellent choice. It is also an appropriate...