Pacific Investment Management Company (PIMCO) has elected Daniel Ivascyn to serve as group chief investment officer (CIO).

He succeeds Bill Gross, who has left the firm.

In addition, the company appointed Andrew Balls as CIO, global; Mark Kiesel as CIO, global credit; Virginie Maisonneuve as CIO, equities; Scott Mather as CIO, U.S. core strategies; and Mihir Worah as CIO, real return and asset allocation.

Douglas Hodge, PIMCO’s CEO, and Lew “Jay” Jacobs, president, will continue to serve as the firm’s senior executive leadership team, spearheading PIMCO’s business strategy, client service and the firm’s operations.

The firm also appointed Mather, Kiesel and Worah as portfolio managers for the Total Return Fund. Ivascyn as well as Saumil Parikh and Mohsen Fahmi will serve as portfolio managers for the Unconstrained Bond Fund.

As group CIO, Ivascyn will continue to oversee the firm’s alternatives strategies, structured credit and income strategies. Chris Dialynas, managing director and portfolio manager, will return to the firm from sabbatical during the fourth quarter of 2014.

For more industry moves, check out People Watch.

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