NEW YORK 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)