Parikh Exits Pimco as Seidner Named Unconstrained Manager

Pacific Investment Management Co. named Marc Seidner as lead manager of the Pimco Unconstrained Bond Fund as Saumil Parikh leaves the firm, the first high-profile departure since the surprise exit of co-founder Bill Gross.

Seidner will run the fund with Mohsen Fahmi and group Chief Investment Officer Daniel Ivascyn, Newport Beach, California-based Pimco said yesterday in a regulatory filing. Parikh was named a co-manager last year after Gross left.