Pimco’s Melissa Tuttle Is Latest Departure From Equities Teamby
Other stock managers left through job cuts and retirements
Research Affiliates manages most of Pimco’s equity funds
Melissa Tuttle, who was promoted in 2014 to global head of equity trading at Pacific Investment Management Co., has left the company, according to spokesman Michael Reid, the most recent exit from the firm’s stocks division.
Pimco has been cutting staff in its equities division for the past two years as the historically fixed-income-oriented firm failed to attract investors to its stock funds. It’s turning over equity strategies to Research Affiliates, an investing firm headed by Rob Arnott that specializes in so-called smart beta, or enhanced indexing.
Geoffrey Johnson, who oversaw the $831.6 million Pimco EqS Long/Short Fund since 2003, retired Aug. 1. In June, the firm cut about 3 percent of its staff, including a dividend-strategy team. Virginie Maisonneuve, deputy chief investment officer overseeing equities, quit last year after the firm discontinued most of its in-house equities funds.
Pimco has closed stock trading desks in London and Singapore while maintaining a New York desk to run trades for EqS Long/Short and the $815.3 million StocksPLUS fund.
Tuttle, who was based in London, joined Pimco in 2010 after jobs at Goldman Sachs Asset Management and Prudential Investments. Her departure was reported earlier Friday by Pensions & Investments.