PIMCO reshuffles following Gross departure
The shock departure of William Gross from Allianz’s investment management firm PIMCO has led to reshuffle, with Daniel Ivascyn being appointed as group chief investment officer (CIO).
Ivascyn succeeds Gross, who left the firm on Friday.
In addition, the firm appointed Andrew Balls, CIO global; Mark Kiesel, CIO global credit; Virginie Maisonneuve, CIO equities; Scott Mather, CIO US core strategies; and Mihir Worah, CIO real return and asset allocation.
Douglas Hodge, PIMCO’s chief executive officer, and Lew Jacobs, president, will continue to serve as the firm’s senior executive leadership team, spearheading PIMCO’s business strategy, client service and the firm’s operations.
PIMCO has also appointed Mather, Kiesel and Worah as portfolio managers for the total return fund. Saumil Parikh, Mohsen Fahmi, and Ivascyn will serve as portfolio managers for the unconstrained bond fund.
Chris Dialynas, managing director and portfolio manager, will return to the firm from sabbatical during the fourth quarter of 2014.
Hodge: “As part of our responsibilities to our clients, employees and parent, PIMCO has been developing a succession plan for some time to ensure that the firm is well prepared to manage a seamless leadership transition in its Portfolio Management team. We have passed the torch of leadership to a team of investors who are among the very best in the investment management industry. They are seasoned, highly skilled professionals who embody PIMCO’s values and have established track records of delivering value to clients.”
Hodge continued: “Today’s announcement marks the completion of our portfolio management succession process. These appointments are a continuation of the structure that PIMCO established earlier in 2014 and they reflect our long-held belief that the best approach for PIMCO’s clients and our firm is to evolve our investment leadership structure to a team of seasoned, highly skilled investors overseeing all areas of PIMCO’s investment activities.”
Ivascyn: “We have assembled a team of world-class investors over the course of many years, and established a time-tested top-down, bottom-up investment process that will guide our investment philosophy and continue to serve our clients well into the future. Our CIO’s and I are fully committed to consistently deliver to our clients the investment excellence that they have rightly come to expect of us.”
