Allianz Says Mohamed El-Erian Has Left PIMCO

News out of PIMCO late Tuesday is turning heads this afternoon. According to Allianz SE, the parent company of PIMCO, the fabled Mohamed El-Erian has resigned from his roles as CEO and Co-CIO. Details from El-Erian and/or PIMCO are sparse. Some will undoubtedly point to record-high redemptions within PIMCO's most popular fund, the massive Total Return Fund, in 2013. Co-founder Bill Gross will continue to operate as CIO while Douglas Hodge will replace El-Erian as CEO. El-Erian has said he will remain on Allianz's international executive committee and also advise the firm on macro and policy issues.