Pacific Investment Management Co. is likely to name Daniel Ivascyn chief investment officer of the $1.97 trillion bond firm after Bill Gross left to join Janus Capital Group Inc., according to a person familiar with the matter.

Pimco’s board was considering Ivascyn as CIO as of last night, said the person, who asked not to be identified because the news isn’t yet public. Dan Tarman, a spokesman for Newport Beach, California-based Pimco, didn’t immediately respond to an e-mail seeking comment.

Ivascyn, who runs the $38 billion Pimco Income Fund, has beaten 99 percent of his peers over the past three and five years, according to data compiled by Bloomberg. Morningstar Inc. in January named Ivascyn and the co-manager of the fund, Alfred T. Murata, fixed income managers of the year for 2013.

Pimco in January named Ivascyn as one of its six deputy chief investment officers, reporting to Gross, in a management reorganization following the departure of former Chief Executive Officer Mohamed El-Erian. An expert in mortgage-backed securities, Ivascyn burnished his reputation following the 2008 financial crisis amid a recovery in the housing market.

Before joining Pimco in 1998, Ivascyn worked at Bear Stearns Cos. in the asset-backed securities group, and at T. Rowe Price Group Inc. and Fidelity Investments. He has a bachelor’s degree from Occidental College in Los Angeles and a master’s of business administration degree from the University of Chicago.