Financial News Online reports that Mohamed El-Erian has rejoined Pimco as co-chief executive and co-chief investment officer, and will also head a new bond fund.
Co-chief executive?
The title gives some indication of why El-Erian, who replaced Jack Meyer as head of HMC in early 2006, left Harvard at the end of 2007—a considerably shorter job tenure than Harvard had hoped. El-Erian had previously been a senior portfolio manager and head of the emerging market portfolio group at Pimco. Now, he seems poised to run the firm in the not-so-distant future.
El-Erian also left Harvard because of family concerns; his wife, Jamie, reportedly didn't like Cambridge and wanted to return to southern California. But his timing could hardly have been better—for him, if not for Harvard. Given the current recession, it seems unlikely that Harvard's endowment can this year match the double-digit returns to which the Harvard community has grown accustomed.
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