PIMCO Names Daniel Ivascyn Chief Investment Officer

(RTTNews) - Bond fund Pacific Investment Management Co. Friday said it appointed Daniel Ivascyn as group chief investment officer to replace William Gross who stepped down to join Janus Capital Group (JNS).

Ivascyn heads the mortgage credit portfolio team and is a manager of PIMCO's credit hedge fund and mortgage opportunistic strategies. He was named fixed-income fund manager of the year 2013 by Morningstar.

Prior to PIMCO, he worked at the asset-backed securities unit of Bear Stearns. He also worked at T. Rowe Price and Fidelity Investments.

PIMCO's CEO Douglas Hodge said the company has been developing a succession plan for some time. Besides the Group CIO appointment, the firm also named Scott Mather, Mark Kiesel and Mihir Worah as portfolio managers for the total return fund, which was managed by Bill Gross.

The company appointed Daniel Ivascyn, Saumil Parikh and Mohsen Fahmi as portfolio managers for the Unconstrained Bond Fund.