New Normal
El-Erian says mounting deficits and tighter financial regulation will dampen growth in the U.S. and the euro zone for the next three to five years. Emerging-market nations such as Brazil and China, with stable levels of government debt and expanding middle classes, should continue to thrive, he says.
In the new normal, investors will be faced with anemic returns and they’ll seek alternatives, says El-Erian, who’s embracing several new asset classes. In the past year, he’s presided over the creation of an equity mutual fund and a unit to invest in hedge, real estate and buyout funds. Pimco has also started 10 exchange-traded funds.
“We are living through a remarkable time of change,” says El-Erian, 51, who shares the title of chief investment officer with Gross. “We want to make sure we navigate the changes for our clients.”
Not everyone agrees with this analysis from Newport Beach, California-based Pimco. Some U.S. cabinet officials and securities analysts say El-Erian’s new normal is off the mark.
El-Erian says mounting deficits and tighter financial regulation will dampen growth in the U.S. and the euro zone for the next three to five years. Emerging-market nations such as Brazil and China, with stable levels of government debt and expanding middle classes, should continue to thrive, he says.
In the new normal, investors will be faced with anemic returns and they’ll seek alternatives, says El-Erian, who’s embracing several new asset classes. In the past year, he’s presided over the creation of an equity mutual fund and a unit to invest in hedge, real estate and buyout funds. Pimco has also started 10 exchange-traded funds.
“We are living through a remarkable time of change,” says El-Erian, 51, who shares the title of chief investment officer with Gross. “We want to make sure we navigate the changes for our clients.”
Not everyone agrees with this analysis from Newport Beach, California-based Pimco. Some U.S. cabinet officials and securities analysts say El-Erian’s new normal is off the mark.
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