March 10 (Bloomberg) -- Pacific Investment Management Co.’s Japan unit said Shinichi Yamamoto will succeed Makoto Takano as president when the latter steps down June 20 after more than 12 years with the company.
Yamamoto, 39, who has headed the retail business since 2006, joined Pimco in 2002 from Goldman Sachs Asset Management. Takano, 52, had joined Pimco Japan from Goldman Sachs in 2001. Akinori Matsui, the acting vice president of Pimco Japan, will be the new chairman, the Japanese unit of the Newport Beach, California-based company said today in an e-mailed statement.
Pimco’s global assets under management declined at the end of last year as the flagship Total Return Fund managed by Bill Gross lagged behind peers, prompting investors to pull money from the world’s largest bond fund for 10 straight months. Chief Investment Officer Gross has faced distractions this year as his former heir apparent Mohamed El-Erian resigned, followed by reports of an ugly split between the two.
Matsui, 54, first joined Pimco in 2001 after serving as chief portfolio manager of global equity and fixed income at Nippon Life Insurance Co. and Nissay Asset Management Corp., according to the statement. He has 28 years of experience in asset management and graduated from Kyoto University.
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