Pimco, or Pacific Management Investment Company, is going through an overhaul after the resignation of co-chief officer Mohammed El-Erian and its 15 consecutive months of investor withdrawals in July, with clients taking out $830 million.
Bill Gross, who was flying solo as the chief investment officer after El-Erian left, has made six new hires and has brought back Paul McCulley as chief economist. Mohsen Fahmi of Moore Capital Management, will focus on global fixed-income assets. Fahmi will be the generalist portfolio manager at Newport Beach, the California based Pimco.
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Deputy chief investment officer, Mihir Worah, said of Fahmi, “the breadth of his experience and passion for investing will serve our clients well.”
Pimco expects to broaden its offerings of non-traditional bond funds to prevent clients from withdrawing their investments because of potential interest rate hikes. Other new hires include Ethan Schwartz, Geraldine Sundstrom, Rick Chan, Jason Goldberg and Harley Bassman.