Pimco has appointed four deputy chief investment officers following last month’s surprise exit of chief executive and co-chief investment officer Mohamed El-Erian.
The new deputy CIOs are made up of global head of equities Virginie Maisonneuve, who joined the firm this year, global head of the corporate bond portfolios Mark Kiesel, head of global portfolio management Scott Mather and head of real return portfolio management Mihir Worah.
The existing deputies are US fixed income manager Dan Ivascyn and head of European portfolio management Andrew Balls.
Doug Hodge, a 25-year Pimco veteran, has replaced El-Erian as chief executive of the firm.
Pimco has rehired Sudi Mariappa from GLG, three years after he left the firm, as a generalist portfolio manager.
Equities portfolio manager Charles Lahr has left the company to pursue other opportunities and spend more time with his family. Portfolio manager Marc Seidner has also left Pimco.
Hargreaves Lansdown senior investment manager Adrian Lowcock says El-Erian had been the heir apparent of Pimco and the proliferation of deputy CIOs could be a way of finding a replacement.
He says: “It looks like they are diversifying the roles and not putting all the responsibility on one individual which is probably quite key for a big organisation like Pimco.”