Tags: Pimco | mutual fund | bond | investing

Pimco Names Five New Managing Directors to Expand Partner Pool

Friday, 27 Mar 2015 04:39 PM

Pacific Investment Management Co., the asset manager seeking to bolster its team, appointed five new managing directors to its leadership, expanding the number of executives who get a piece of the firm’s profit.

Pimco named global strategic adviser Richard Clarida, product manager David Fisher, deputy general counsel Richard LeBrun, money manager John W. Murray and global head of the consultant relations group Kimberley Stafford as managing directors, according to a statement today from the Newport Beach, California-based firm.

The $1.68 trillion money manager is increasing the number of people who take a slice of the profit under its agreement with parent Allianz SE, as it seeks to retain employees after a year of tumult. Pimco suffered the worst year of withdrawals in the history of fund management in 2014 as performance at some strategies stumbled and the firm lost its two highest-profile managing directors, with then-Chief Executive Officer Mohamed El-Erian’s resignation last January and Chief Investment Officer Bill Gross’s departure in September.

Pimco’s partners, or managing directors, split about 30 percent of the firm’s profits. In 2013, as the firm’s assets approached $2 trillion and its biggest fund, Gross’s Pimco Total Return Fund, peaked at $293 billion, the profit pool was about $1.45 billion, according to data and documents obtained by Bloomberg.

The promotions bring the number of managing directors to 65, according to the firm’s website, two more than after Gross’s abrupt exit. Gross, the firm’s co-founder, alone took home a fixed 20 percent of profits, or about two-thirds of the pool. The firm had 57 managing directors in 2013, its website showed.

Two high-profile managing directors, economist Paul McCulley and money manager Saumil Parikh, departed earlier this year. John M. Miller, the head of U.S. retirement; Brian Baker, chief executive officer of Asia; and Suhail Dada, the head of U.S. institutional business development, are retiring this year, a person with knowledge of the moves said last month.

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Pacific Investment Management Co., the asset manager seeking to bolster its team, appointed five new managing directors to its leadership, expanding the number of executives who get a piece of the firm's profit.
Pimco, mutual fund, bond, investing
319
2015-39-27
Friday, 27 Mar 2015 04:39 PM
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