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British-educated investor resigns after daughter,10, hands him list of milestones he's missed
Mohamed El-Erian reveals he resigned from his job as chief of the world’s biggest bond business after realising his work-life balance was 'out of whack'
A British-educated investor who quit his job as chief of the world’s biggest bond business has revealed he resigned after his 10-year old-daughter gave him a note citing 22 milestones in her life he had missed.
Mohamed El-Erian left Pimco in January this year amid rumours of a fractious relationship with Bill Gross, the company’s founder.
But now Mr El-Erian, who attended both Cambridge and Oxford, has admitted that personal reasons played a part in the decision after he realised he didn’t spend enough time with his daughter.
Among the events the investor had missed were his 10-year-old daughter’s first day at school, her first football match of the season and a parent-teacher meeting.
The 56-year-old, who is now Chief Economic Adviser at German insurer Allianz, Pimco’s parent company, told wealth management magazine Worth : “About a year ago, I asked my daughter several times to do something — brush her teeth, I think it was — with no success. I reminded her that it was not so long ago that she would have immediately responded, and I wouldn’t have had to ask her multiple times; she would have known from my tone of voice that I was serious.
“She asked me to wait a minute, went to her room and came back with a piece of paper. It was a list that she had compiled of her important events and activities that I had missed due to work commitments. Talk about a wake-up call.
“The list contained 22 items, from her first day at school and first soccer match of the season to a parent-teacher meeting and a Halloween parade. And the school year wasn’t yet over. I felt awful and got defensive: I had a good excuse for each missed event! Travel, important meetings, an urgent phone call, sudden to-do.
“But it dawned on me that I was missing an infinitely more important point. As much as I could rationalize it — as I had rationalized it — my work-life balance had gotten way out of whack, and the imbalance was hurting my very special relationship with my daughter. I was not making nearly enough time for her.”
Mr El-Erian’s punishing work hours as CEO of Pimco have been widely reported. Friends said on an average day his alarm clock went off at 2.45am. He then arrived at the office by 4.15am, returned home to his family about 7pm, before eating and going to bed around 8.45pm.
Since resigning from the company, which oversees assets worth more than $1.9 trillion, California-based Mr El-Erian said he has taken a “portfolio” of part-time roles which give him greater flexibility. He and his wife take turns in taking their daughter to school.
The investor was born in New York but spent his childhood in Egypt before attending boarding school in Britain. He is currently Chair of President Barack Obama's Global Development Council.