The younger brother of Ed Balls, Labour’s Shadow Chancellor, has become one of the City’s most powerful money managers.
Andrew Balls will become deputy chief investment officer of Pimco, the world’s second largest bond fund manager, with $1.97 trillion of assets under management, according to its latest reports and accounts. The promotion was announced after the markets closed last night when the firm said that its chief executive Mohamed El-Erian, a close ally of Bill Gross, the Pimco founder, has resigned and will leave in mid-March.
Allianz, the German insurance company which owns Pimco, said that Mr Balls will become deputy chief investment officer alongside Daniel Ivascyn.
Mr Balls joined the bond fund manager from the Financial Times in 2006. He was at the paper