Pimco CEO to retire
Bill Thompson, chief executive of the US asset management firm Pimco, will retire at the end of the year, to be replaced by co-chief executive Mohamed El-Erian.
El-Erian will also continue to serve as co-chief investment officer, alongside Bill Gross.
Thompson spent 15 years as chief executive of the Newport Beach, California-based firm. His successor rejoined Pimco in January this year after spending two years as chief executive of the Harvard Management Company, which handles the investment of the university's endowment.
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