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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.
According to Bloomberg News, his fund has dominated his peers over the last three and five years 99% of the time.