PIMCO Adds PMs In Europe
Pacific Investment Management Company has added two senior portfolio managers to its European team in an effort to gain more mandates for its European products and to compete for more third-party business. Joe McDevitt, executive v.p. and head of PIMCO's London office, said, "We're trying to become more of a core manager in the European fixed-income market. Clients tended to see us as a global, U.S., investment-grade and high-yield manager." PIMCO has roughly $7.5 billion in U.S. core bond and specialty mandates under management for European clients, said McDevitt.
The firm has hired Emanuele Ravano from Credit Suisse Asset Management to head fixed-income portfolio management in London and to focus on mandates in the U.K. and Europe. Ravano will join PIMCO next year, said McDevitt. And Scott Mather, a senior member of the firm's portfolio management and strategy group, has moved from its headquarters in Newport Beach, Calif., to Munich, to head portfolio management there. Mather's replacement could not be determined by press time.