Pimco Promotes Seven Executives to Managing Director Postsby
Money manager Jessop, human resources head Nabors in group
Eight women now serve among 66 executives with the title
Pacific Investment Management Co. named seven new managing directors, bringing the number of high-level executives who lead the firm and share in its profit pool to 66.
The appointments, according to a statement Thursday by the firm, are: David L. Braun who oversees management of fixed-income investment portfolios for bank and insurance clients out of the New York office; Stuart Graham, head of Pimco Canada; Daniel Hyman, co-head of the agency mortgage portfolio management team in Newport Beach, California; Andrew Jessop, high-yield portfolio manager; Nicholas Johnson, a money manager focusing on commodities and other assets; Robin Nabors, head of human resources; and Frank Witt, who leads the German and Austrian business.
A year ago, Pimco named five new managing directors, including Kimberley Stafford, head of the consultant relations group and now a member of the executive committee, and Richard Clarida, a global strategic adviser. Pimco’s 66 managing directors include two who announced plans to retire this year: Bill Benz and Brent Holden. With the addition of Nabors, eight of the firm’s managing directors are now women.
Pimco has seen redemptions since 2013, outflows that surged following the September 2014 departure of then-Chief Investment Officer Bill Gross. The firm, a unit of Allianz SE, had $1.43 trillion under management as of Dec. 31, down from a peak of almost $2 trillion at its 2013 peak.
Pimco’s partners, or managing directors, split about 30 percent of the firm’s profits. The profit-sharing bonus pool was $1.3 billion in 2013, according to a lawsuit Gross filed last year against the firm.