Pimco has appointed Daniel Ivascyn to the role of group chief investment officer following the departure of founder and bond veteran Bill Gross announced last week.
Ivascyn is currently lead portfolio manager for Pimco’s credit hedge fund and managing director of the firm’s Newport Beach office, having joined the company in 1998.
Previously he has worked with Bear Stearns, T Rowe Price and Fidelity Investments.
Pimco has also appointed five further CIOs within various divisions.
Andrew Balls will serve as CIO global, Mark Kiesel will oversee global credit, Virginie Maisonneuve will head up equity investments and Scott Mather will now serve as CIO US core strategies, while Mihir Worah is appointed to the role of CIO real return and asset allocation.
Mather, Kiesel and Worah have also been appointed as portfolio managers for the total return strategy. Pimco managing director and portfolio manager Chris Dialynas will return to the company from sabbatical leave towards the end of the year.
Pimco chief executive Douglas Hodge and president Lew Jacobs will continue in their capacity as the firm’s senior executive leadership team.
Hodge says: “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.
“This 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 our 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 says: “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 CIOs and I are fully committed to consistently deliver to our clients the investment excellence that they have rightly come to expect of us.”