Pimco has elected Daniel Ivascyn to serve as group chief investment officer (CIO), succeeding William H Gross who has left the firm.
In addition, the firm appointed Andrew Balls, CIO Global; Mark Kiesel, CIO global credit; Virginie Maisonneuve, CIO equities; Scott Mather, CIO US core strategies; and Mihir Worah, CIO real return and asset allocation.

Douglas Hodge, Pimco’s chief executive officer, and Lew “Jay” Jacobs, president, will continue to serve as the firm’s senior executive leadership team, spearheading Pimco’s business strategy, client service and the firm’s operations.

“Today’s announcement marks the completion of our portfolio management succession process,” said Hodge.

“These appointments are a continuation of the structure that Pimco established earlier in 2014 and they reflect our long-held belief that the best approach for Pimco’s clients and our firm is to evolve our investment leadership structure to a team of seasoned, highly skilled investors overseeing all areas of Pimco’s investment activities.”

The firm also appointed Mather, Kiesel and Worah as portfolio managers for the total return fund. Saumil Parikh, Mohsen Fahmi, and Ivascyn will serve as portfolio managers for the unconstrained bond fund.

As Group CIO, Ivascyn will continue to oversee the firm’s alternatives strategies, structured credit, and income strategies. Chris Dialynas, managing director and portfolio manager, will return to the firm from sabbatical during the fourth quarter of 2014. These changes and appointments are effective immediately.