By Tommy Wilkes and Jennifer Ablan
LONDON/NEW YORK Oct 30 Pimco, which runs the
world's largest bond fund under Bill Gross, has tapped Virginie
Maisonneuve as global head of equities, succeeding Neel
Kashkari, who left the firm earlier this year for a possible run
for public office in California.
She joins Pimco from Schroders Plc where she most recently
served as head of global and international equities and will be
based in Pimco's London office, Pimco said in a news release on
Wednesday. Her official start date is expected to be in January
Mohamed El-Erian, Pimco's chief executive officer and
co-chief investment officer, said in a statement: "Virginie is a
proven equity investor and leader who has delivered a track
record of success for clients throughout her 25-year career as a
portfolio manager and a business builder. We are delighted to
have Virginie on board as part of our multi-year effort to
deepen and expand the set of global investment solutions we
provide to clients around the world."
Schroders said in a statement that Simon Webber,
Maisonneuve's deputy, would become the lead portfolio manager
for global and international equities while Peter Harrison,
global head of equities, will take on management responsibility
for the team.
A onetime investment banker at Goldman Sachs, Kashkari
became an instant celebrity in October 2008 when he was tapped
by Treasury Secretary Henry Paulson to run the $700 billion
Troubled Asset Relief Program for banks.
Kashkari joined PIMCO in 2009 to lead the firm's new
investment initiatives and left Pimco this past February. One of
the initiatives was Pimco's expansion into equities.
Pacific Investment Management Co., based in Newport Beach,
California, launched its first actively managed stock mutual
fund in 2010.
Pimco oversees $1.97 trillion in assets, most of which is in
fixed income. Pimco's equity offerings span a range of
strategies and styles, including the StocksPLUS suite of
strategies, and its active long-short, dividend, emerging market
and deep value equity strategies, totaling more than $50 billion
in assets under management.
The firm, a unit of European insurer Allianz, is
run by Gross, founder and co-chief investment officer, and