Pimco, the $2 trillion asset manager, is in the midst of a push to diversify beyond bonds that chief executive Mohamed El-Erian this month likened to building a highway and deciding “how many cars can run on it”. In a few weeks’ time, however, it will be Douglas Hodge, rather than El-Erian, directing traffic at the world’s biggest bond manager.

Last night brought news that El-Erian, who along with his co-chief investment officer Bill Gross has been the public face of Pimco for many years, is to step down from the firm in March.