It's like the whole world has gone mad and no one told Bill Gross.
One of three men lined up to be deputy to Bill Gross, the chief investment officer of Pimco, quit on the day his appointment was due to be announced after becoming disillusioned with the famed investor’s stewardship of the bond fund management group. Marc Seidner, a generalist fund manager who was interim head of Pimco’s equities business last year, resigned in January just hours before Pimco was planning to announce that Mohamed El-Erian, Mr Gross’s heir apparent, had himself decided to leave the company.
The additional departure goes some way to explain the awkward choreography of Pimco’s management transition, while the circumstances of Mr Seidner’s resignation also illustrate that tensions at the top of the firm were not confined to those between Mr Gross and Mr El-Erian. According to two former Pimco executives with knowledge of the tensions, Mr Seidner found Pimco an increasingly difficult environment over the past 18 months and believed that Mr Gross’s behaviour had become “increasingly illogical and irrational”.
Earlier: Mohammed El-Erian May Have Left Pimco Because Of A Chronic And Debilitating Condition That Caused Him To Regularly Look People In The Eye; Don’t Get Caught On “His” Side: A Survival Guide For Pimco Employees; Pimco Investor Considering Pulling Out Over Secretariat’s Erratic Behavior, Some Other Stuff; The New Bill Gross Doesn’t Bite (And If He Does It’s Only Because Old Habits Die Hard)