NEWPORT BEACH, Calif. — William Gross, probably the world's best known bond manager, isn't planning to trade in bonds for birdies any time soon.
Mr. Gross, 62, is a portfolio manager and chief investment officer at Pacific Investment Management Co. LLC, Newport Beach, Calif. He will be renewing his contract, due to expire next May, with PIMCO parent Allianz Global Investors, said William Thompson, chief executive officer of PIMCO.
Mr. Thompson declined to specify terms of Mr. Gross' new contract; Mr. Gross wasn't available for comment. Mr. Thompson also said he plans to renew his own employment agreement.
"Neither of us have any plans to step down," Mr. Thompson said.
He noted, however, that contracts for PIMCO's 29 managing directors will "auto-renew" for two years in November, roughly six months in advance of the May expiration.
Messrs. Gross and Thompson "may do longer (than two years)," Mr. Thompson said.
The issue of succession planning is significant because Mr. Gross, known as the bond king, is the nation's most influential fixed-income manager. Plus, PIMCO, with more than $610 billion in assets under management, is either the largest or second-largest bond shop, depending on what numbers are used.
Meanwhile, PIMCO's Total Return Fund, managed by Mr. Gross, is the biggest bond mutual fund, with $94 billion in assets as of Feb. 28.