President Barack Obama has appointed Mohamed El-Erian, chief executive of Newport Beach-based Pacific Investment Management Co., as chairman of the U.S. Global Development Council.
El-Erian’s role at Pimco—where he also is co-chief investment officer alongside Bill Gross—is not expected to change.
The presidential council was created in February to help drive global economic development and joint efforts between the private and public sectors. Other members appointed to the council include James Manyika, a director at McKinsey & Co.; Sylvia Mathews Burwell, president of the Walmart Foundation; and Richard Blum, chairman of Blum Capital Partners.
El-Erian joined Pimco as a senior member of portfolio management in 1999. He left for a stint as chief executive of Harvard Management Co. in 2006 and rejoined Pimco in 2007. He also counts 15 years at the International Monetary Fund.
Pimco has about $1.92 trillion in assets under management. Its signature Total Return Fund, run by Gross, is the largest bond fund in the world with $284.98 billion in assets.