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Mohamed El-Erian, chief executive of Newport Beach-based Pacific Investment Management Co., has been selected to receive the 2012 American Muslim Achievement Award from the Islamic Center of Southern California.

El-Erian also is co-chief investment officer, alongside Bill Gross, at Pimco.

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The award recognizes El-Erian’s “achievements in the fields of finance, global investment management strategies, and matters related to the global economy,” according to the Islamic Center.

Previous recipients of this annual award include Ahmed Zewail, a Nobel Prize winner in chemistry; and Sohaib Abbasi, chief executive of data software company Informatica Corp. and former executive of Oracle Corp., both in Redwood City.

El-Erian recently was tapped by President Barack Obama to chair the U.S. Global Development Council.

He currently serves on the board of the National Bureau of Economic Research and the Carnegie Endowment for International Peace.

Pimco, which runs the largest bond fund in the world with about $285 billion in assets, has about $1.92 trillion in total assets under management.