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Ivascyn to be new Pimco chief investment officer: source

Daniel Ivascyn (L) in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus

(Reuters) - Pimco's Deputy Chief Investment Officer Daniel Ivascyn is expected to succeed Bill Gross as the new chief investment officer of the giant bond fund, after Gross' departure, a source familiar with the situation said.

An announcement is expected later on Friday.

(Reporting By Paritosh Bansal; Editing by Chizu Nomiyama)