在 PIMCO 的日常運營中，CEO 相比較 CIO 從職責上有何不同？

01-22

在這種債基中，CEO 對於經營的影響有多大？
還是說CIO - Bill Gross 實際上承擔了普通公司 CEO 的職責？

You definitely saw the news that Pimco"s CEO resigned.

I never worked at Pimco, so I can only guess.

But I do have colleagues who did. I"ll try to see if any of them has any info.

Yeah I don"t think CIO and CEO have a defined border of who manages which. They are both members of the investment committee, which sets the investment tone for the firm.

Bill Gross is certainly the image of the firm, so he oversees different debt portfolios. I don"t even think he looks at the market and makes day-to-day investment decisions anymore. Instead of managing money, he is more like managing portfolio managers.

El-Erian used to be a EM portfolio manager with 10.2 billion, but I don"t think he managed money after he was promoted to be the CEO. I suppose his main duty is to take care of all other areas besides investment, including sales, operations, fundraising, etc. Notably, it was him that promoted equity to be included in Pimco"s portfolios. So I would assume he has a saying for the equity portfolios. But together they are less than 4 billion. In comparison, even the redemption for Bill Gross"s total return fund this year is more than 40 billion.

In my firm, the CIO has an office, and also a central desk on the trading floor.

the CEO has a bigger office, but no seat on the trading floor.

Hope that explains it.

El-Erian was also the co-CIO, but he managed a lot of operation/back office/public image stuff so Gross can focus on portfolio management. That"s why El-Erian"s replacement is one COO and one senior PM(for the co-CIO role).