Mihir Worah, managing director and CIO of asset allocation and real return strategies at Pacific Investment Management Co., will retire at the end of March.
Mr. Worah will not be replaced as CIO for these investment areas, said an internal memo released Tuesday by managing directors Emmanuel Roman, CEO, and Daniel J. Ivascyn, group CIO of fixed income and credit, and obtained by Pensions & Investments.
His duties will be assumed by others on the team, the memo said.
"We will be working with Mihir on a seamless transition of his responsibilities," Messrs. Roman and Ivascyn said in the memo.
Mr. Worah joined PIMCO in 2001 from academia as a physicist at University of California, Berkeley and the Stanford Linear Accelerator, a background that "gave Mihir a unique and valuable perspective on managing portfolios, but his contributions to our firm go well beyond this," the memo said.
"He has stepped up to key roles at critical times for the company notably, helping to develop our TIPS and commodities businesses and taking the lead role in managing our asset allocation business in 2014. And importantly, he was one of many steady hands on the trade floor in late 2014 who managed PIMCO through that challenging time without compromising performance," Messrs. Roman and Ivascyn wrote.
PIMCO managed $1.88 trillion, as of Sept.30. The amount Mr. Worah oversees could not be learned.