Pimco CEO Undecided on His Post-Sale Role

William Cvengros, chief executive at Pimco Advisors Holdings, said he will decide by the end of the year whether he will remain with the Newport Beach money manager after Munich, Germany-based Allianz AG acquires a majority stake.

Though most other key executives at Pimco have agreed to remain with Pimco after the $3.3-billion deal, Cvengros, 50, is still discussing his future role at the company. He declined to comment on the details of the negotiations but said he is reluctant to relocate his family to Germany.

About five other top Pimco managers are moving to Munich as part of the deal. “That’s not in the cards right now,” Cvengros said.

Cvengros has been CEO of Pimco since 1994, when it was spun off of Newport Beach-based Pacific Life Insurance Co. Before that, he was chief investment officer of the insurance company.

When the Allianz purchase closes next year, Cvengros stands to collect about $8 million by selling his stock in Pimco.

Meanwhile, investors bid up the price of Pimco stock Monday in the wake of Allianz’ $38.75-a-unit offer. Pimco stock rose 8%, or $2.69 a unit, to $37.38 on the New York Stock Exchange.