Chief executive Mohamed El-Erian is leaving Pacific Investment Management Company, the US-based asset management subsidiary of Allianz, as the firm reorganizes its leadership structure.

Chief executive Mohamed El-Erian is leaving Pacific Investment Management Company, the US-based asset management subsidiary of Allianz, as the firm reorganizes its leadership structure.

El-Erian, chief executive and co-chief investment officer of PIMCO, has resigned from his functions effective end-March and will leave the firm at the same time. He will stay on the international executive committee of parent company Allianz and will advise the firm’s board on global economic and policy issues. In his new role, El-Erian will report directly to Michael Diekmann, CEO of Allianz SE.

William H. Gross, founder of PIMCO, will remain chief investment officer, while managing directors Andrew Balls and Daniel Ivascyn will help lead the firm’s portfolio management in their new roles as deputy chief investment officers.

PIMCO also said that it has elected Douglas Hodge, managing director and currently chief operating officer of PIMCO, as CEO and Jay Jacobs, managing director and currently global head of talent management, as president. In addition, Craig Dawson, managing director and currently head of PIMCO Germany, Austria, Switzerland and Italy, will assume the position as head of strategic business management.

PIMCO is a subsidiary of Allianz Asset Management, the financial and governance holding company for the asset management business of Allianz SE. AAM currently has approximately €1.8 trillion of assets under management and more than 5,000 employees worldwide.