In the wake of the departure of founder Bill Gross, Newport Beach, Calif.-based Pacific Investment Management Co. (PIMCO) has named a new chief investment officer and reassigned a slew of portfolio management duties.
PIMCO said Friday that Daniel Ivascyn has been elected to succeed Gross as group CIO. (See PIMCO founder joining Janus Capital, investmentexecutive.com, September 26, 2014.)
Ivascyn is a member of PIMCO’s executive committee and a member of the investment committee. He joined PIMCO in 1998. Before that he worked at Bear Stearns in the asset-backed securities group, and has had stints at T. Rowe Price and Fidelity Investments. He will also continue to oversee the firm’s alternatives strategies, structured credit, and income strategies.
PIMCO also appointed Andrew Balls as global CIO, and named CIOs for various asset classes. The rest of the company’s senior executive leadership remains in place, with Douglas Hodge as CEO and Lew “Jay” Jacobs as president, directing PIMCO’s business strategy, client service and the firm’s operations.
“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. We have passed the torch of leadership to a team of investors who are among the very best in the investment management industry,” said Hodge, adding that these appointments complete its portfolio management succession process.
“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 CIO’s and I are fully committed to consistently deliver to our clients the investment excellence that they have rightly come to expect of us,” added Ivascyn.