Mohamed El-Erian, known for his widely followed views on the financial markets, will be heading off to a new endeavor next year when he takes over Queens' College in Cambridge.

The chief economic advisor at Allianz will succeed Lord John Eatwell in October 2020, according to Reuters.

"We are delighted with Dr El-Erian's appointment at a time of unique opportunities and formidable challenges for the University and its colleges," Richard Weber, the vice president of Queens', said in a statement. "He shares our determination to attract motivated students with outstanding potential from all backgrounds. We are confident that, under his leadership, Queens' will continue its commitment to academic excellence and world-leading research."

El-Erian, 60, is an alumnus of the institution, having received a scholarship to study economics there in 1977 and ultimately graduating with first-class honors. He has been an honorary fellow there since 2013.

"Having experienced the transformational power of Queens' and Cambridge, I am honored to have the opportunity to work with my colleagues to build on the College's many accomplishments under the 23-year leadership of Lord Eatwell," El-Erian said in a statement.

"I am particularly privileged to return to Queens' at a time of great change, not only in social and economic affairs, but also due to exciting technological innovations that influence education and our society in so many ways."

He heads there after a high-profile career at Pimco, which is owned by Allianz and had operated the largest bond fund in the world while he was at the firm. He moved to the parent company in 2014. He will continue to work with the firm until the Queens' appointment takes effect.

An Allianz official said El-Erian would then be welcome to stay in whatever capacity he can manage along with his academic duties.

"We look forward to Dr. El-Erian continuing to contribute to the work and success of Allianz, a company he has been affiliated with since 2000," Allianz said in a statement.

Over the course of his career his views have become a fixture on CNBC and other business media. During the financial crisis, he coined the term "new normal" to describe what he anticipated as a prolonged period of slow growth for advanced economies.

His professional career began at the International Monetary Fund and manager of the Harvard endowment before he went to Pimco.