Pimco's Thompson to retire

Bill Thompson, chief executive of the US asset management firm Pimco, will retire at the end of the year, to be replaced by co-chief executive Mohamed El-Erian.

El-Erian will also continue as co-chief investment officer, alongside Bill Gross.

Thompson spent 15 years as chief executive of the California-based firm. His successor rejoined Pimco in January this year after spending two years as chief executive of the Harvard Management Company, which handles the investment of the university's

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