NEW YORK Bond giant PIMCO has appointed managing director Marc Seidner as interim head of global equities after Neel Kashkari's departure a week ago, said a person familiar with the situation.
Seidner, according to the firm's website, joined PIMCO in 2009 and served as a managing director and generalist portfolio manager. He is replacing Kashkari, who left the firm last week to consider running for public office in California as a Republican, people familiar with the situation said.
PIMCO declined to comment.
Seidner will oversee the expanding stock management arm of PIMCO, the source said. Pacific Investment Management Co., based in Newport Beach, California, had $2 trillion in assets as of December 31, 2012.
The firm, which launched its first actively-managed stock mutual fund in 2010, is run by founder and co-chief investment officer Bill Gross and chief executive and co-chief investment officer Mohamed El-Erian.
The firm's flagship PIMCO Total Return Fund is the world's largest bond fund.
(Reporting by Sam Forgione; editing by Andrew Hay)