Daniel J. Ivascyn, a 45-year-old star fund manager who has been described by colleagues as a "beast," has been named CIO of PIMCO.
In recent months, Ivascyn has been seen as the heir apparent at PIMCO.
Bill Gross, the most powerful name in bonds, announced on Friday morning that he was leaving the firm he cofounded effective immediately to join Janus Capital. It was also reported that the 70-year-old bond manager was going to be fired tomorrow for his "increasingly erratic behavior."
Here's what we know about Ivascyn:
- Ivascyn co-manages Pimco's $38 billion Income Fund. He's had a strong year, as FT's Tony Tassell points out.
Dan Ivascyn - the man seen as favourite to takeover from Bill Gross at @pimco - has been quite a year - his record: pic.twitter.com/b4Yq7K7DG8
— Tony Tassell (@TonyTassell) September 26, 2014- According to Bloomberg News, his fund has dominated his peers over the last three and five years 99% of the time.
- In 2013, he was named the Fixed-Income Fund Manager of the Year by Morningstar, according to his bio.
- He's been with PIMCO since 1998. Before that, he worked at Bear Stearns in asset-backed securities. He also had stints at T. Rowe Price and Fidelity.
- He really made a name for himself following the 2008 financial crisis by successfully betting on non-agency mortgage backed securities.
- He is a native of Massachusetts and a hardcore Boston sports fan (Bruins, Celtics, Red Sox, etc.), according to Bloomberg News.
- He graduated from Occidental College with a degree in economics. He also holds an MBA from Chicago Booth.
- He currently resides in a lovely oceanfront home in Newport Beach, California, records show.