Pimco’s Baker, Dada Said to Retire as Dhoraisingam LeavesMary Childs
Pacific Investment Management Co. managing directors Brian Baker and Suhail Dada are retiring and a third has left as the investment firm recovers from the most tumultuous year in its history, according to a person familiar with the matter.
Baker, chief executive officer and director of Pimco Asia and the head of Asia ex-Japan, will retire in May, and Dada, head of the U.S. institutional business development and consultant relations group, will retire in April, according to the person, who asked not to be identified because the moves aren’t public. Ana Dhoraisingam, head of business development at Pimco Asia who leads the Singapore office, left for other opportunities, the person said.
“As is common across the investment management industry, during the first part of each year a small number of employees leave the firm, either due to retirement or to pursue other professional opportunities,” Pimco spokesman Daniel Tarman said in an e-mailed statement. “We are grateful for the contributions of those colleagues and wish them the very best in the future.”
Pimco, which manages about $1.68 trillion, suffered the worst year of withdrawals in the history of fund management in 2014 amid a leadership shakeup and as performance at some strategies stumbled. The firm is seeking to reassure investors and stem record redemptions after the abrupt departure of its co-founder and chief investment officer Bill Gross in September, naming top performers to run its biggest fund and pointing to a rebound in returns since Gross left.
Baker, who joined Pimco in 1997 and is one of more than 60 managing directors, oversaw institutional clients such as sovereign wealth funds and business development in Asia, according to the firm’s website. Eric Mogelof, who was named the head of Pimco’s business in the Asia-Pacific region last July, will assume Baker’s responsibilities, the person said.
Dada joined Pimco in 2001 after 11 years at Bank of America Corp., and was based in the firm’s headquarters in Newport Beach, California. Kim Stafford, an executive vice president who’d spent eight years in the consultant relations group, will replace him as the global head of that team, the person said.
Stafford has been the global head of human resources since former Chief Executive Officer Mohamed El-Erian announced his departure in January 2014, sparking what was then the biggest shakeup in Pimco’s history.
Michael Thompson, head of global wealth management in Asia Pacific, will replace Dhoraisingam as the head of the Singapore office, the person said.
Baker and Dhoraisingam didn’t return e-mails seeking comment after normal business hours in Asia. Dada didn’t immediately return an e-mail and a call to his office.