Mohammed El-Erian, chief executive of PIMCO and the man perceived by many as Bill Gross' heir apparent at the largest bond manager in the world, has resigned from his role.
El-Erian, who is chief executive and co-chief investment officer of the firm where he works alongside Gross, will step down from his role in March.
A statement from PIMCO's parent company, Allianz, said he "has resigned from his functions effective mid-March and will leave PIMCO at the same time."
El-Erian will remain on the international executive committee of Allianz and will advise the board of Allianz SE on global, economic and policy issues. No reason has been provided in the statement for his departure.
El-Erian is almost as recognisable to investors as colleague Gross, the manager of the world's largest bond fund. Together the pair have established a global fixed income powerhouse which manages over $1.9trn (£1.15trn) in assets worldwide.
El-Erian's responsibilities will be shared among PIMCO's existing management team, with Douglas Hodge taking over the role of chief executive and Jay Jacobs, currently global head of talent management, becoming president.
Bill Gross (pictured), co-founder of the bond management giant, remains the firm's chief investment officer.
El-Erian has been chief executive of the firm since 2007, and was regarded as an obvious successor to Gross. His departure is a high profile loss for the firm.
To ensure creditworthiness assessments compliant
Avoid broad-brush strokes
Partner Insight: Introducing the Architas education series for clients.
What made financial headlines over the weekend?