Embattled asset manager Pimco has suffered another blow following the news global head of equities Virginie Maisonneuve is to leave the firm.
Maisonneuve joined Pimco in 2014, having been hired by former chief executive Mohamed El-Erian, but will now be leaving the firm, according to reports from the Financial Times.
Douglas Hodge, Pimco’s chief executive, says Maisonneuve is leaving so the business can “focus on areas that are more fully aligned with our capabilities and clients’ needs”.
Maisonneuve joined Pimco atfer nine years at Schroders as its head of global equities. She had been appointed the task of diversifying the asset manager’s asset base away from bonds after Bill Gross left the company last year.
Equities is a relatively new area for the asset manager, which had previously focused on the bond space. However, since Gross’ departure the manager has seen high outflows from its flagship bond fund, and last month lost the title of world’s largest bond fund to Vanguard.
When joining Pimco, Maisonneuve said she was drawn to the firm by its strong resources and that the existing equities products were “well positioned and create an excellent foundation to build from”.
Maisonneuve has previously worked at Clay Finlay, State Street, and Batterymarch Financial Management. She took over the helm of equities after the departure of Neel Kashkari, who left in early 2013.