Pimco's El-Erian says Nasdaq glitch exposed flaws: CNBC

NEW YORK Fri Aug 23, 2013 9:21am EDT

Mohamed A. El-Erian, CEO and co-CIO of PIMCO, takes part in a panel discussion titled ''Global Markets in Uncertain Times'' at the Milken Institute Global Conference in Beverly Hills, California April 29, 2013. REUTERS/Fred Prouser

Mohamed A. El-Erian, CEO and co-CIO of PIMCO, takes part in a panel discussion titled ''Global Markets in Uncertain Times'' at the Milken Institute Global Conference in Beverly Hills, California April 29, 2013.

Credit: Reuters/Fred Prouser

NEW YORK (Reuters) - Mohamed El-Erian, chief executive officer of Pimco, said Friday that a technical problem that shut down trading in Nasdaq securities Thursday showed flaws in crisis management.

"It has shown how horrible the crisis management side is," El-Erian, who is also co-chief investment officer of Pimco, told cable television network CNBC. "Communication was horrid. There is no backup."

The Newport Beach, California-based Pimco, a unit of European financial services company Allianz SE (ALVG.DE), had $1.97 trillion in assets as of June 30. The firm's Pimco Total Return Fund is the world's largest bond fund.

(Reporting by Sam Forgione; Editing by Theodore d'Afflisio)