PIMCO reshuffles after departure of ‘Bond King’
PIMCO has announced a raft of changes to its leadership board following the abrupt departure of the firm's co-founder, Bill Gross.
The global investment manager appointed Daniel Ivascyn to the helm as group chief investment officer, supported by chief investment officers Andrew Balls, Mark Kiesel, Virginie Maisonneuve, Scott Mather and Mihir Worah.
The new leadership team, which retains Douglas Hodge as CEO and Jay Jacobs as President, said they are prepared for a "seamless transition" to their new portfolio management succession plan.
"We have passed the torch of leadership to a team of investors who are among the very best in the investment management industry," Hodge said.
The reshuffle follows the sudden departure of William Gross, 70, who partly set up the firm in 1971.
Gross, dubbed the "Bond King", left to manage Janus Capital Group's unconstrained bond fund.
New group CIO, Ivascyn, has been with PIMCO since 1998, most recently heading up the mortgage credit portfolio management team.
Commenting on his appointment, he said: "Our CIOs and I are fully committed to consistently deliver to our clients the investment excellence that they have rightly come to expect of us".
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