Inside the Showdown Atop Pimco, the World's Biggest Bond Firm

Bill Gross, who co-founded Pimco in 1971 and is largely responsible for building it into a behemoth overseeing almost $2 trillion in assets, struck some of his colleagues as testier than usual. He argued openly with Mohamed El-Erian, Pimco's chief executive—something employees say they rarely had seen. Mr. Gross—by his own admission, a demanding boss—had long showed respect for Mr. El-Erian and indicated that the younger man eventually would take over the world's biggest bond firm. "I have a 41-year track record of investing excellence," Mr. Gross told Mr. El-Erian, according to the two witnesses.

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