Google Inc. hired Timi Ajibola, a U.S. mortgage-bond strategist at BNP Paribas SA, to help manage its investments as technology giants deal with growing cash hoards.
Winnie King, a spokeswoman for Mountain View, California-based Google, confirmed in an e-mail that Ajibola was “indeed joining our portfolio-management team.” She declined to provide further details.
Ajibola, who focused on government-backed home-loan securities while working in New York at Paris-based BNP, declined to comment when reached on his mobile phone. He joined BNP in 2009 after previously working at Deutsche Bank AG and Barclays Plc, according to regulatory records.
Google owned $8.3 billion of agency residential mortgage-backed securities as of Dec. 31, up from $5.8 billion a year earlier and $1.6 billion at the start of 2010, according to securities filings.
The company, along with Apple Inc., Oracle Corp. and seven of their biggest peers, have in excess of $500 billion of cash and marketable securities, up more than three-fold since 2008, according to data compiled by Bloomberg. Much of it is stuck overseas because bringing it home would mean subjecting it to U.S. repatriation taxes, making them bigger players in the bond market as they invest the money.
Google stock fell 1.2 percent to $518.90 as of 11:43 a.m. New York time.
(An earlier version of this article corrected the name in the headline.)