Tension and departures at Pimco

Marc Seidner, a fund manager who was Pimco’s interim head of equities, quit in January—the same day the company was supposed to announce his promotion, says the Financial Times.

Read: Bearing up with bonds

Seidner was supposed to become a deputy to Bill Gross, Pimco’s chief investment officer. Seidner was meant to replace Mohamed El-Erian, who also quit.

Two sources cited by FT say Seidner wanted out because he couldn’t handle Gross or working conditions. Senior management have also disagreed about whether Pimco should stick to bonds or focus on other assets.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.